Ciampa Organization borrows $18M from Capital One for multifamily property in Long Island City

Ciampa Organization through the entity Ciampa S2 LLC as borrower signed a loan agreement with lender Capital One valued at $17.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 86 residential units at 41-18 Crescent Street in Long Island City. The deal closed on November 19, 2019 and was recorded on November 25, 2019.
The property contains a total of 64,029 square feet of built space.
The average loan per unit is $206,977.
The last time the property sold was June 26, 2015, for $32,300,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 86 residential units on February 13, 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100. There was one renovation/alteration project (A2) applied for with a total estimated value of $40,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link