Ciampa Organization signs $22M refi for 151-unit rental in Flushing

Ciampa Organization through the entity The Bennington, LLC as borrower signed a refi loan with lender Capital One valued at $22 million for the 151-unit residential elevator building (D3) at 140-16 34th Avenue in Flushing, Queens.
The deal closed on November 19, 2025 and was recorded on December 15, 2025. The prior lender was Capital One which held debt that had an original loan amount of $11 million.The property has 158,456 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $138 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 April 3, 2013, for $24.4 million. The signatory for Ciampa Organization was Dominick Ciampa . The signatory for Capital One was Douglas C. Blake .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Joseph Ciampa, head officer and Douglas Ciampa, officer. The business entities are Ciampa Management Corp and The Bennington Llc. The 158,456-square-foot property generated revenue of $4.3 million or $27 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 151 residential units in Flushing has 158,456 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 150 feet deep with a total lot size of 26,250 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $21.2 million. The property has 8 rent regulated units according to city tax records from 2024.

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 14 housing violations, $550 in OATH penalties, and one housing litigation 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 four of the six commercial properties representing 355,520 square feet of the 358,512 square feet. The largest owner is Ciampa Organization, followed by S.W. Management and then Ira Lichtiger.
On the tax block, there were two new building construction projects totaling 44,350 square feet. The largest is a 23-unit, 23,511 square-foot residential (R-2) building submitted by Lin Li with plans filed August 2, 2022 and permitted January 22, 2024. The second largest is a 20-unit, 20,839 square-foot residential (R-2) building submitted by Xing Zheng and filed by Xing Zheng with plans filed March 2, 2023 and permitted July 21, 2023.

The majority, or 99 percent of the 358,512 square feet of built space are elevator buildings, with mixed-use buildings next occupying 1 percent of the space.

The borrower

The PincusCo database currently indicates that Ciampa Organization owned at least 42 commercial properties with 1,615 residential units in New York City with 1,960,724 square feet and a city-determined market value of $282.6 million. (Market value is typically about 50% of actual value.) The portfolio has $254.7 million in debt, with top three lenders as Capital One, Popular Bank, and Morgan Stanley respectively. Within the portfolio, the bulk, or 78 percent of the 1,960,724 square feet of built space are elevator properties, with industrial properties next occupying 11 percent of the space. They are all located in Queens.

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