Ponce Bank Provides $6,550,000 Loan For Development Site In Long Island City For Aditya Shah
5-31 47th Avenue & 5-33 47th Avenue
$6,550,000
Building Size
—
Asset Type
Development Site
Closing
Apr 20, 2026
AI
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.
Players
New York 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
2.42%
Cash-on-Cash
-0.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93