West Egg Development signs $16M construction loan for development in Bayside

West Egg Development through the entity Dakota United Group LLC as borrower signed a new construction loan with lender Ponce Bank valued at $16 million for the development parcel (V1) at 215-16 Northern Boulevard in Bayside, Queens.

On the lot, there is one active new building construction project for a 34-unit, 39,997 square-foot R-2 building. The project was submitted by Ben Mahfar and filed by Ben Mahfar with plans filed July 16, 2020 and it has not been permitted yet.

The deal closed on December 22, 2023 and was recorded on January 16, 2024.
The signatory for West Egg Development was Parviz Yousefzadeh. According to the West Egg website, the project will have “38 apartments + 4,800 sf commercial + parking.”

According to the PincusCo analysis of construction loans of $5 million and up, Popular Bank has been the second-most active lender over the past 12 months by number of projects, totaling 23 and $529 million. The most active by number of projects is Popular Bank with 28 project and $542 million. The most active by dollar volume is the NYC Housing Development Corporation, with $2 billion through 12 loans.

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 $1,250 in ECB penalties and $3,490 in OATH penalties in the last year.

The neighborhood

In Bayside, The bulk, or 42 percent of the 6.8 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has had very little sales volume relative to other neighborhoods with $83.9 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 112,665 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block, there were two new building construction projects totaling 42,363 square feet. The largest is a 34-unit, 39,997 square-foot residential (R-2) building submitted by Ben Mahfar and filed by Ben Mahfar with plans filed July 16, 2020 and it has not been permitted yet. The second largest is a two-unit, 2,366 square-foot residential (R-3) building submitted by Hui Ming Xu with plans filed December 27, 2023 and it has not been permitted yet.

The majority, or 68 percent of the 15,696 square feet of built space are mixed-use buildings, with retail buildings next occupying 32 percent of the space.

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