Prosper Property Group pays $7M for nearly complete rental, borrows $18M from Kriss Capital

Prosper Property Group through the entity 36-45 31st Street Owner LLC paid $7 million to an affiliate of the Babinec family through the entity 36-45 31st Street, LLC for the under-construction 40-unit residential elevator rental building (D7) at 36-45 31st Street in Long Island City, Queens. At the same time, Prosper Property Group obtained an $18 million loan to complete the construction, from Kriss Capital.

On the lot, there is one active new building construction project, 421797611, for a 40-unit, 34,376 square-foot residential (R-2) building. The project was submitted by Ellen and John Senisi with plans filed August 29, 2019 and permitted May 7, 2021. The Babinec family provided financing for the project, and when the parcel sold, an individual affiliated with Babinec company signed for the sellers.
The deal closed on October 21, 2025 and was recorded on October 30, 2025. The property has 41,156 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $170 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.)

Industry sources said it is not unusual for a mid-construction project to sell at a low basis because buyers are typically reluctant to step into a partially built project, and lenders often wary to lend on them.
The property as a development site sold on February 1, 2019, for $6.3 million. The signatory for the Babinec Family Trust was Michael Sciotti. The signatory for Prosper Property Group was Damien Smith . The contract date was September 16, 2025. The Babinec Family Trust lent to a prior owner and then acquired control, property records indicate.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Prosper Property Group purchased four properties in four transactions for a total of $81.1 million and has no record it sold any properties over the past 24 months.
The seller Babinec Family Trust had not purchased any other properties and had not sold any properties over the same time period. 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 that will have 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.

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.

The buyer

The PincusCo database currently indicates that Prosper Property Group owned at least six commercial properties with 10 residential units in New York City with 129,210 square feet and a city-determined market value of $33 million. (Market value is typically about 50% of actual value.) The portfolio has $16 million in debt, borrowed from Northwind Group and Fieldpoint Private Bank & Trust. Within the portfolio, the bulk, or 81 percent of the 129,210 square feet of built space are office properties, with mixed-use properties next occupying 12 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.

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