Bayport Funding has provided a $4 million acquisition and construction loan to facilitate the development of a four-story mixed-use building in Ozone Park, Queens. This property will encompass nearly 10,000 square feet, with 8,600 square feet allocated for residential use and 1,400 designated for retail space. The 47 foot tall rental property will house 12 units with resident parking and side yard included.
Marcia Kaufman CEO of Bayport Funding commented on the strong demand in Queens’ rental market during the second quarter: “Median pricing recently rose by nearly 20 percent year-over-year due to its commutability to Manhattan combined with relative abundance of space along with diversified amenities and lifestyle options.”
