Bayport Funding Provides $4M for Queens Mixed-Use Development
Bayport Funding has provided a $4 million acquisition and construction loan to facilitate the development of a four-story mixed-use building in Ozone Park, Queens.
This property will encompass nearly 10,000 square feet, with about 8,600 square feet allocated for residential use and the remaining 1,400 square feet designated for retail space. The forthcoming rental property, standing at 47 feet tall, will house 12 units, resident parking, and a side yard.
“Queens’ rental market has become highly competitive during the second quarter, with median pricing recently rising by nearly 20 percent year-over-year,” said Marcia Kaufman, CEO, Bayport Funding. “The borough’s continuous strong demand stems in part from its commutability to Manhattan, relative abundance of space, and diversified amenities and lifestyle options.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.