Updated Aug 25, 2026
CAVU Property Group Secures $45.6 Million Construction Loan From Ponce Bank In Long Island City
32-16 38th Avenue
$45,600,000
Building Size
—
Asset Type
Industrial
Closing
Aug 7, 2026
About this deal
AI
An industrial property located at 32-16 38th Avenue in Long Island City, Queens has secured a construction loan. The transaction involved a loan amount of $45,600,000, provided by Ponce Bank.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $45,600,000
- Lender: Ponce Bank
- Landlord: Steven Hurwitz - CAVU Property Group
The construction loan facilitated by Ponce Bank was secured by CAVU Property Group, which is represented by Steven Hurwitz in this transaction.
The industrial loan at 32-16 38th Avenue in Long Island City, New York financed for $45.6M in 2026. 32-16 38th Avenue is classified as Industrial on Traded. Named participants on the 32-16 38th Avenue loan are Steven Hurwitz. This page is the Long Island City, New York file for the 32-16 38th Avenue industrial financed: pricing, party profiles, and other closed industrial comps from the same Long Island City sit in the Market section below. Filter that Long Island City industrial set by closing date to see what else financed near 32-16 38th Avenue around 2026. Published consideration for 32-16 38th Avenue is $45.6M, dated 2026. Cite this CAVU Property Group Secures $45.6 Million Construction Loan From Ponce Bank In Long Island City loan when underwriting similar industrial product around Long Island City, New York.
Players
Long Island City Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93