Joseph Ciampa acquires 90% stake in 67-unit Little Neck rental valued at $19.3M

Joseph Ciampa acquired an interest from an affiliate of the Ciampa Organization through the entity 136 Holding Company LLC for the 67-unit residential elevator building (D1) at 44-30 Douglaston Parkway in Little Neck, Queens, with the property valued at valued at $19.3 million.

PincusCo calculated this was a 90 percent acquisition by comparing the tax paid in the transfer with the value of the transfer. The percent was not confirmed by any of the parties and is solely a calculation made by PincusCo. It’s unclear if Joseph Ciampa now owns 100 percent of the property or if the other 10 percent is owned by another party.
The deal closed on July 22, 2025 and was recorded on July 31, 2025. The property has 66,342 square feet of built space and 14,905 square feet of additional air rights for a total buildable of 81,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $290 and the price per buildable square foot is $237 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Ciampa had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Ciampa Organization had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Douglas Ciampa, head officer and Joseph Ciampa, officer. The business entities are Ciampa Management Corp and Ciampa Douglaston Llc. The 66,342-square-foot property generated revenue of $2.1 million or $31 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 67 residential units in Little Neck has 66,342 square feet of built space and 14,905 square feet of additional air rights for a total buildable of 81,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 105 feet and is 250 feet deep with a total lot size of 27,100 square feet. The lot is irregular. 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 $12 million. The most recent loan totaled $9.8 million and was provided by Capital One on March 24, 2021. The property has 4 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 received $2,530 in ECB penalties, 11 housing violations, and $2,580 in OATH penalties 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 three of the six commercial properties representing 66,342 square feet of the 180,744 square feet. The largest owner is Ciampa Organization, followed by Frank Russo and then Gandolfo Difiore.
On the tax block, there were two new building construction projects totaling 91,069 square feet. The largest is a 54-unit, 56,539 square-foot residential (R-2) building submitted by Frank Russo and filed by Frank Russo with plans filed June 5, 2020 and permitted September 28, 2021. The second largest is a 47-unit, 34,530 square-foot residential (R-2) building submitted by Gandolfo DiFiore and filed by Gandolfo Difiore with plans filed March 17, 2021 and permitted February 10, 2023.

The majority, or 100 percent of the 180,744 square feet of built space are elevator buildings, with specialty buildings next occupying 0 percent of the space.

The seller

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 $258.7 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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