Ciampa Organization signs $16.5M construction loan for 46-unit project in Jamaica Estates
Ciampa Organization through the entity 18303hillsideave LLC as borrower signed a new construction loan with lender Popular Bank valued at $16.5 million for the development (V1) at 183-03 Hillside Avenue in Jamaica Estates, Queens.
On the lot, there is one active new building construction project for a 46-unit, 39,536 square-foot residential (R-2) building. The project was submitted by Piermont Properties and filed by Michael Grey with plans filed June 4, 2020 and permitted June 3, 2022.
The deal closed on February 21, 2024 and was recorded on February 28, 2024. The property has zero square feet of built space and 39,597 square feet of additional air rights for a total buildable of 39,597 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $416 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on January 19, 2023, for $5.2 million. The signatory for Ciampa Organization was Joseph G. Ciampa.
The property
The parcel has frontage of 80 feet and is 165 feet deep with a total lot size of 13,199 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $474,000.
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 received two DOB violations in the last year.
The neighborhood
In Jamaica Estates, The majority, or 58 percent of the 2.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica Estates has the 41st highest sale turnover among other neighborhoods in Queens with $29.3 million in sales volume in the last two years. For development, Jamaica Estates has had very little major development activity relative to other neighborhoods.It had 63,362 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 324,039 square feet of the 452,647 square feet. The largest owner is Ciampa Organization, followed by Cammeby’s International Group and then Barberry Rose Management Company.
On the tax block, there was one new building construction project filed totaling 39,536 square feet. It is a 46-unit, 39,536 square-foot residential (R-2) building submitted by Piermont Properties and filed by Michael Grey with plans filed June 4, 2020 and permitted June 3, 2022.
The majority, or 72 percent of the 452,647 square feet of built space are elevator buildings, with specialty buildings next occupying 27 percent of the space.
The borrower
The PincusCo database currently indicates that Ciampa Organization owned at least 44 commercial properties with 1,697 residential units in New York City with 2,098,666 square feet and a city-determined market value of $302.5 million. (Market value is typically about 50% of actual value.) The portfolio has $211.9 million in debt, borrowed from Capital One and Apple Bank for Savings. Within the portfolio, the bulk, or 79 percent of the 2,098,666 square feet of built space are elevator properties, with industrial properties next occupying 10 percent of the space. They are all located in Queens.
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