Joseph Ciampa affiliate buys 78% stake in Ciampa Organization rental in Rego Park, valued at $18.4M

Joseph Ciampa of the Ciampa Organization through the entity Ciampa 63-36 Realty LLC acquired through a related party sale with the Ciampa Organization entity Ciampa Metropolitan LLC an approximately 78 percent stake in the 66-unit residential elevator building (D1) at 63-36 98th Place in Rego Park, Queens. The transfer valued the property at $18.4 million. The expected use is cash flowing. PincusCo does not consider this an arms length transaction.

This is the second transfer in which an affiliate of Joseph Ciampa has purchase a majority stake in a building owned by the Ciampa Organization. In the prior transaction, 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.

In the new transaction, the deal closed on July 22, 2025 and was recorded on August 1, 2025. The property has 66,962 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $274 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 Michael D. Morici Jr. . The signatory for Ciampa Organization was Joseph Ciampa . The contract date was July 22, 2025. This sale reflects a sale of approximately 78 percent interest, according to a PincusCo analysis of the tax plaid on the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ciampa Organization had purchased any other properties and sold one property in one transaction for a total of $19.3 million over the past 24 months.
The seller Ciampa Organization had not purchased any other properties and sold one property in one transaction for a total of $19.3 million 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 Metropolitan Llc. The 66,962-square-foot property generated revenue of $1.9 million or $28 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 66 residential units in Rego Park has 66,962 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 326 feet and is 95 feet deep with a total lot size of 19,414 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.6 million. The most recent loan totaled $6 million and was provided by Capital One on March 1, 2023. The property has 3 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 12 housing violations and $700 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 two of the three commercial properties representing 66,962 square feet of the 85,986 square feet. The two identified owners are Ciampa Organization and Jade Century Properties.
On the tax block, there was one new building construction project filed totaling 196,400 square feet. It is a 261-unit, 196,400 square-foot residential (R-2) building submitted by Kenny Liu and filed by Kenny Liu with plans filed August 6, 2019 and permitted April 28, 2022.

The majority, or 78 percent of the 85,986 square feet of built space are elevator buildings, with specialty buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Ciampa Organization owned at least 43 commercial properties with 1,676 residential units in New York City with 2,032,324 square feet and a city-determined market value of $292 million. (Market value is typically about 50% of actual value.) The portfolio has $248.9 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 2,032,324 square feet of built space are elevator properties, with industrial properties next occupying 11 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Ciampa Organization owned at least 43 commercial properties with 1,676 residential units in New York City with 2,032,324 square feet and a city-determined market value of $292 million. (Market value is typically about 50% of actual value.) The portfolio has $248.9 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 2,032,324 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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