Popular Provides $49M Construction Loan for Queens Multifamily Project

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Popular Bank has provided a $48.6 million construction loan for the development of a multifamily building in Astoria, Queens, Commercial Observer has learned. 

The sponsor behind the 137-unit, 136,000-square-foot property at 2-24 26th Avenue is Astoria 2 LLC. According to New York Yimby, Yitzchok Katz is the developer behind the LLC

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Galaxy Capital’s Henry Bodek negotiated the loan. 

Katz acquired the vacant development site plus additional adjacent sites for $7.4 million in early February 2022, property records show, securing a $12 million mortgage from Bank Leumi at the time. 

Later that month, Crain’s New York outlined Katz’s plans for the project, which was anticipated to stand six stories tall, and also include 69 car parking spots plus 69 bike spots. An art gallery on the first floor was also in the blueprint at that time. 

Katz couldn’t immediately be reached for comment. Popular Bank officials did not return requests for comment. Bodek declined to comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com