Jack Fang Secures $33 Million Bridge Loan For Multifamily Development In Long Island City
37 42 30th Street
$33,000,000
$479/SF
Building Size
68,856 SF
Asset Type
MultiFamily
Closing
Feb 20, 2026
AI
The property asset involved in this transaction is a multifamily building located at 37-42 30th Street in Long Island City. It has a total square footage of 68,856 and consists of 64 residential units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $33,000,000
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Jack Fang
- Loan Type: Bridge
- Loan Terms: 2 year plus 8
The transaction was facilitated by Yanni Kouzilos and Douglas Romero of Ponce Bank, which is recognized as a CDFI Bank and one of the most active construction lenders in NYC. The financing provided supports a new rental development aimed at addressing the housing shortage in New York City.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93