Ciampa Organization signs $19.8M refi for 79-unit rental in LIC

Ciampa Organization through the entity Ciampa S4 LLC as borrower signed a refi loan with lender Popular Bank valued at $19.8 million for the 79-unit residential elevator building (D3) at 41-29 24th Street in Long Island City, Queens.
The deal closed on June 9, 2025 and was recorded on June 12, 2025. The prior lender was Capital One which held debt that had an original loan amount of $22.5 million.The property has 69,260 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $285 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 signatory for Ciampa Organization was Joseph G. Ciampa . The signatory for Popular Bank was Travis Schelhorn .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Joseph Ciampa, head officer and Jose Merchan, site manager. The business entity is Ciampa S4 Llc. The 69,260-square-foot property generated revenue of $2.9 million or $42 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 79 residential units in Long Island City has 69,260 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 100 feet deep with a total lot size of 9,891 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The property has a 421A exemption that started in 2019 and expires in 2034. The city-designated market value for the property in 2022 is $12.2 million. The property has 79 rent regulated units according to city tax records from 2023.

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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 10 commercial properties representing 360,514 square feet of the 360,514 square feet. The largest owner is Ciampa Organization, followed by New Empire Corp. and then Watermark Capital Group.
On the tax block, there were three new building construction projects totaling 263,114 square feet. The largest is a 96-unit, 149,580 square-foot residential (R-2) building submitted by Anthony Pecora and filed by Anthony Pecora with plans filed December 24, 2014 and permitted December 21, 2015. The second largest is a 116-unit, 93,514 square-foot residential (R-2) building submitted by New Empire Corp. and filed by Bentley Zhao with plans filed June 23, 2022 and permitted December 8, 2023.

The majority, or 93 percent of the 360,514 square feet of built space are elevator buildings, with walkup buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Ciampa Organization owned at least 44 commercial properties with 1,743 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 $238.9 million in debt, with top three lenders as Capital One, Popular Bank, and Morgan Stanley respectively. 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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