Brisa Builders signs $41.4M construction loan for 92-unit project in Far Rockaway
Brisa Builders through the entity Brisa Cornaga LLC as borrower signed a new construction loan with lender Bank of America valued at $41.4 million for the 92-unit development project at 19-19 Cornaga Avenue in Far Rockaway, Queens.
On the lot, there is one active new building construction project, 420667264, for a 92-unit, 53,496 square-foot R-2 building. The project was submitted by Brisa Builders and filed by Ericka Keller with plans filed April 2, 2020 and permitted December 10, 2024.
The deal closed on December 30, 2024 and was recorded on January 21, 2025.
The owner bought the property on April 24, 2020, for $2.5 million. The signatory for Brisa Builders was Ericka Keller. The signatory for Bank of America was Kate F. Mann.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.
The neighborhood
In Far Rockaway, The majority, or 65 percent of the 12.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Far Rockaway has the 32nd highest sale turnover among other neighborhoods in Queens with $29.2 million in sales volume in the last two years. For development, Far Rockaway has 1.2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 7,760 square feet of the 102,085 square feet. The two identified owners are Brisa Builders and New Horizon Counseling Center.
On the tax block, there was one new building construction project filed totaling 53,496 square feet. It is a 92-unit, 53,496 square-foot residential (R-2) building submitted by Brisa Builders and filed by Ericka Keller with plans filed April 2, 2020 and permitted December 10, 2024.
The majority, or 35 percent of the 102,085 square feet of built space are industrial buildings, with specialty buildings next occupying 27 percent of the space.
The borrower
The PincusCo database currently indicates that Brisa Builders owned at least three commercial properties with 234 residential units in New York City with 8,735 square feet and a city-determined market value of $1.9 million. (Market value is typically about 50% of actual value.) The portfolio has $212.7 million in debt, borrowed from NYC Housing Development Corporation and TD Bank. Within the portfolio, the bulk, or 60 percent of the 8,735 square feet of built space are retail properties, with mixed-use properties next occupying 40 percent of the space. They are all located in Queens.
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