John Senisi signs $12.3M refi for residential elevator in Long Island City

John Senisi through the entity 36-45 31st Street, LLC as borrower signed a refi loan with lender UpVentures Capital through the entity The Babinec Family Trust valued at $12.3 million for the 40-unit residential elevator building (D7) at 36-45 31st Street in Long Island City, Queens.
The deal closed on October 24, 2023 and was recorded on October 20, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $11.8 million.

The property has 41,156 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $300 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 February 1, 2019, for $6.3 million. The signatory for John Senisi was John Senisi. The signatory for UpVentures Capital was Martin D. Babinec . The contract date was October 24, 2023.

Prior sales and revenue

The 41,156-square-foot property generated revenue of $1.4 million or $34 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 40 residential units in Long Island City has 41,156 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 90 feet deep with a total lot size of 9,625 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 million.

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 $6,905 in ECB penalties and $6,905 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 421797611, for a 40-unit, 34,376 square-foot R-2 building. The project was submitted by Ellen Senisi and filed by Ellen Senisi with plans filed August 29, 2019 and permitted May 7, 2021.

The block

On this tax block, PincusCo has identified the owners of five of the 18 commercial properties representing 50,241 square feet of the 96,065 square feet. The largest owner is Gulraiz Masood, followed by Lonicera Partners and then Palwinder Singh.
On the tax block, there were five new building construction projects totaling 85,117 square feet. The largest is a 40-unit, 34,376 square-foot residential (R-2) building submitted by Ellen Senisi and filed by Ellen Senisi with plans filed August 29, 2019 and permitted May 7, 2021. The second largest is a 10-unit, 19,672 square-foot residential (R-2) building submitted by Palwinder Singh and filed by Palwinder Singh with plans filed November 5, 2024 and it has not been permitted yet.

The majority, or 43 percent of the 96,065 square feet of built space are elevator buildings, with mixed-use buildings next occupying 35 percent of the space.

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