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.”