Bayport Funding provides $4 million
acquisition/construction loan

Queens, NY Bayport Funding provided a $4 million acquisition and construction loan for the development of a four-story mixed-use building in Ozone Park. The property will comprise nearly 10,000 s/f, 8,600 s/f of which will be designated as residential space, with the remaining 1,400 s/f as retail.

Upon completion, the 47-ft.-tall rental property will feature 12 units, parking spaces for residents, and a side yard.

“Queens’ rental market has become highly competitive during the second quarter, with median pricing recently rising by nearly 20% year-over-year,” said Marcia Kaufman, CEO, Bayport Funding. “The borough’s continuous strong demand stems in part from its commutability to Manhattan, relative abundance of space, and diversified amenities and lifestyle options.”

Within the borough, permits were filed for more than 3,200 apartments and hotel rooms in the second quarter alone. Ozone Park remains a prime corridor for multifamily investment due to its sustained activity and appreciable momentum, enabling it to remain a hotspot for renters and single families. These demographics are drawn to the neighborhood’s uniquely suburban atmosphere, green spaces, and tight-knit community.

Ozone Park’s nearby unique offerings include the Aqueduct Racetrack and Resorts World Casino, the only racetrack and casino found in the entirety of New York City at the moment. The area is also known for its international diversity of cuisine options.