San Francisco-based Prana Investments has quietly become one of the shrewdest contrarian buyers of outer-borough brick, hunting six-story elevator buildings one block off the 7 train where cap rates have expanded past 6.8 percent. With Ariel Property Advisors' Victor Sozio brokering the year-end close, Prana paid $21.6 million ($250 a square foot, or $225,000 a door) for the 96-unit building at 43-30 46th Street in Sunnyside—a clean 25 percent reset from its $28.8 million 2015 trade. When the deed closed on December 29, 2025, Prana Investments had officially taken down 43-30 46th Street from Zara Realty Affiliate for $21.6 million, with Ariel Property Advisors (Victor Sozio) brokering the trade.
Look past the headline figure and the story is all about the basis reset. The 86,400-square-foot building last traded in October 2015 for $28.8 million. Stepping in at $250 a square foot—or $225,000 a door across its 96 apartments— shaves 25.0 percent off that prior valuation, giving Prana Investments a margin of safety that would have been unthinkable at the top of the cycle. Even better for the buyers, the in-place rent roll hands them a verified 6.90 percent going-in cap rate from day one.
Greystone Delivers 65% Fannie Mae Leverage on a 6.9% Cap Deal
The real tell in any Queens closing sits on the debt side of the ledger. To fund the purchase, Prana Investments locked in a $14.04 million 10-year fannie mae agency multifamily loan from Fannie Mae (via Greystone) at 65 percent loan-to-value.
That loan commitment meant the buyers only needed to write a $7.56 million equity check to control a 6-story, 1938-vintage Sunnyside asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $7.56 million of real cash equity and a basis of $250 a square foot, lenders like Fannie Mae are wide open for business.
From Our Desk
When we look at 43-30 46th Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and lender selection. Prana Investments didn't try to fight the tape—they bought Sunnyside footage at $250 a square foot and paired it with the exact lender bucket built for this business plan. A 6.9 percent going-in cap rate paired with 65 percent fixed-rate Fannie Mae paper from Greystone gives Prana positive leverage from the opening bell—the exact equation bringing West Coast equity back into Queens.