Mark Boccia signs $11.6 construction loan with NewBank for resi dev project in Bayside

Mark Boccia through the entity AMJ Property Holdings LLC as borrower signed a new construction loan with lender NewBank valued at $11.58 million for the development site at 214-33 41st Avenue in Bayside, Queens.
The deal closed on February 1, 2022 and was recorded on February 18, 2022.

Anthony Chiodi through the company ADC Builders and Developers, on April 4, filed a permit application for construction of a 15-unit, 29,787-square-foot mixed-use building at 214-29 41st Avenue in Bayside, Queens. Two apartment buildings are planned for the lot, according to Patch.

The signatory for Mark Boccia was Mark Boccia. The signatory for NewBank was Eunyoung Lee.

In Bayside, the majority, or 70 percent of the 28.8 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 12 percent of the space. In sales, Bayside has the 24th highest sale turnover among other neighborhoods in Queens with $42.5 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had -664,556 square feet of commercial and multi-family construction under development in the last two years, which represents -2.31 percent of the neighborhood’s built space.
On the tax block, the majority, or 42 percent of the 76,106 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 38 percent of the space.
Within a 400-foot radius of 214-33 41st Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on April 4, 2021 for a 19,384-square-foot R-2 building with 15 residential units at 214-29 41st Avenue.
One of those three items was a sale which Bo Jiang bought the 4,450-square-foot, one-unit retail building (K1) on 214-14 41st Avenue and two other properties for $7.1 million from Martin Picone on November 17, 2021.
One of those three items was a loan which Bo Jiang borrowed $5.2 million from New York Community Bank secured by the 4,450-square-foot, one-unit retail building (K1) on 214-14 41st Avenue and two other properties on November 17, 2021.

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