29-16 40 Avenue
Long Island City, Queens
Parcel ID (BBL): 4004020032
Owner: Sb Development Group
Acquired: August 11, 2022, $19 million
Debt: August 23, 2024, $83 million
Built: 2024
SF: 179,994
Dwelling units: 190
No. of buildings: 1
Class: Fireproof – With Stores (D6)
Floors: 12
Legacy BBLs: 4004020016.00000000
Transactions:
• SB Development Group borrowed $83 million from iCross Capital for 29-26 40th Avenue, Long Island City, Queens on August 23, 2024.
• SB Development Group borrowed $16.7 million from iCross Capital for 29-24 40th Avenue, 29-15 40th Road, and 29-13 40th Road, Long Island City, Queens on November 22, 2023.
• SB Development Group borrowed $13 million from iCross Capital for 29-24 40th Avenue, Long Island City, Queens on August 31, 2023.
• SB Development Group borrowed $12 million from Hirshmark Capital for 29-24 40th Avenue and 29-16 40th Avenue, Long Island City, Queens on August 11, 2022.
• Steve S. Cheung sold 29-24 40th Avenue and 29-16 40th Avenue, Long Island City, Queens for $19 million to SB Development Group on August 11, 2022.
Development:
• SB Development Group filed new building job Q00682330 for 29,674 sqft R-2 building with 26 apartments in Long Island City, Queens, on March 04, 2022.
• Ibraim Redza filed alteration job Q01410541 for 1,000 sqft building with 0 apartments in Long Island City, Queens, on June 05, 2026.
• Ibraim Redza filed alteration job Q01204676 for 191,525 sqft building with 190 apartments in Long Island City, Queens, on April 03, 2025.
• Ibraim Redza filed alteration job Q01085483 for 1,000 sqft building with 0 apartments in Long Island City, Queens, on December 05, 2024.
• Ibraim Redza filed alteration job Q01075462 for 1,000 sqft building with 0 apartments in Long Island City, Queens, on November 18, 2024.
• Ibraim Redza filed alteration job Q01124838 for 191,525 sqft building with 190 apartments in Long Island City, Queens, on October 10, 2024.
Violations:
According to city public data, the properties have received $56,250 in ECB penalties and $51,250 in OATH penalties in the last year.