Updated May 8, 2026
Ampiera Group Secures $28M Construction Loan For 63-Unit Development In Sunnyside, Queens
45-02 Queens Boulevard Queens, NY 11104, USA
$28,000,000
Units
63
Asset Type
Development Site
Closing
Jul 27, 2023
About this deal
AI
Alex Lau's Ampiera Group, represented by 4502 Sunnyside LLC, has secured a $28 million new construction loan from Ponce Bank for a 63-unit development at 45-02 Queens Boulevard in Sunnyside, Queens. The development site, with a building square footage (BSF) of 57,771, is located in the Sunnyside market of Queens.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $28,000,000
- Address: 45-02 Queens Boulevard
- Market: Sunnyside, Queens
- Lender: Ponce Bank - Steven A. Tsavaris
- Landlord: Ampiera Group - Alex Lau
The loan, provided by Ponce Bank and facilitated by Steven A. Tsavaris, will support the construction of a 63-unit development at 45-02 Queens Boulevard. The Ampiera Group, led by Alex Lau, has successfully secured the financing for this project, which is located in the Sunnyside market of Queens.
On the Map
$28,000,000
Development Site
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Players
Sunnyside Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93