Damien Smith Of Prosper Property Group Acquires Development Site In Long Island City For $7M

A development site located at 36-45 31st Street in Long Island City, Queens was involved in a recent sale transaction. The property was purchased for $7,000,000. The site is under construction and aims to feature a 40-unit rental building.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $7,000,000
• Buyer: Damien Smith - Prosper Property Group
• Seller: Michael Sciotti
• Lender: Kriss Capital
• Construction Loan Amount: $18,000,000

The transaction was facilitated by Damien Smith representing Prosper Property Group as the buyer. The financing for the construction was secured through Kriss Capital, which provided an $18 million construction loan to complete the project.