The asset involved in this transaction is a development site located at 5-31 47th Avenue & 5-33 47th Avenue in Long Island City, featuring a square footage of 48,900 BSF. The loan amount extended for this acquisition is $6,550,000, with terms set for 1 year plus an additional year.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $6,550,000
• Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
• Landlord: Aditya Shah
• Lender's Attorney: Antonia Constantinou - Coritsidis Sotirakis & Saketos & PLLC
• Loan Type: Acquisition
• Market: Long Island City

This transaction features lender representatives Yanni Kouzilos and Douglas Romero from Ponce Bank, which has a reputation as one of the most active construction lenders in New York City. The financing is intended for a new condo development project for the landlord, Aditya Shah. Ponce Bank aims to support local community initiatives and address housing shortages in NYC.