Community Builders signs $68.4M construction loan for 89 units in Far Rockaway

Community Builders as borrower signed a new construction loan with lender Community Preservation Corporation through the entity Cpc Funding Spe 1 LLC valued at $68.4 million for the 89-unit development project at 726 Bay 32nd Street in Queens.

On the lot, there is one active new building construction project, Q01157077, for a 89-unit, 92,400 square-foot residential (R-2) building. The project was submitted by Community Builders and filed by Jesse Batus with plans filed January 28, 2025 and it has not been permitted yet.
The deal closed on October 16, 2025 and was recorded on October 30, 2025.
The signatory for Community Builders was Jesse Batus . The signatory for Community Preservation Corporation was Olga Friedman .

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 111,102 square feet of the 136,457 square feet. The identified owner is Coney Realty Group.
On the tax block, there was one new building construction project filed totaling 92,400 square feet. It is a 89-unit, 92,400 square-foot residential (R-2) building submitted by Community Builders and filed by Jesse Batus with plans filed January 28, 2025 and it has not been permitted yet.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Community Builders owned at least one commercial property in New York City with 10,285 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single V1 property. It is located in Bronx.

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