Updated Mar 11, 2025
FBL Development Secures $25.1M Construction Loan For Long Island City Development
43-05 Crescent Street & 43-11 Crescent Street
$25,100,000
Units
39
Asset Type
Development Site
Closing
Jun 7, 2024
About this deal
AI
Located at 43-05 Crescent Street & 43-11 Crescent Street in Long Island City, Queens, the development site spans 26,913 square feet and consists of 39 units. Weitao Shi & Yong Chen of FBL Development are the landlords overseeing this project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $25,100,000
- Loan Type: Construction
- Lender: Steven A. Tsavaris - Ponce Bank
FBL Development, operating under Central Realty Lic LLC, successfully secured a $25.1 million construction loan from Ponce Bank for the development of the 39-unit property at 43-05 to 43-11 Crescent Street in Long Island City, Queens.
Players
Long Island City Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93