B Square Realty signs $19M construction loan for 32-unit project in LIC

B Square Realty through the entity 2627 Jackson LLC as borrower signed a new construction loan with lender Ponce Bank  valued at $19 million for the 32-unit development project at 26-27 Jackson Avenue in Long Island City, Queens.

On the lot, there is one active new building construction project, Q01226130, for a 32-unit, 23,795 square-foot residential (R-2) building. The project was submitted by Hang Zhang Dong and filed by Hang Dong Zhang with plans filed May 19, 2025 and it has not been permitted yet.
The deal closed on February 3, 2026 and was recorded on March 6, 2026. The property has 3,900 square feet of built space and 16,100 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data.
The owner bought the property on April 30, 2025, for $5.6 million. The signatory for B Square Realty was Hang Dong Zhang .

Prior sales, articles and revenue

The 3,900-square-foot property generated revenue of $87,126 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 3,900 square feet of built space and 16,100 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $449,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.1 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 7.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 3,900 square feet of the 26,109 square feet. The identified owner is B Square Realty.
On the tax block, there was one new building construction project filed totaling 23,795 square feet. It is a 32-unit, 23,795 square-foot residential (R-2) building submitted by Hang Zhang Dong and filed by Hang Dong Zhang with plans filed May 19, 2025 and it has not been permitted yet.

The majority, or 44 percent of the 26,109 square feet of built space are retail buildings, with industrial buildings next occupying 43 percent of the space.

The borrower

The PincusCo database currently indicates that B Square Realty owned at least two commercial properties with two residential units in New York City with 5,876 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Amerasia Bank. Within the portfolio, the bulk, or 66 percent of the 5,876 square feet of built space are industrial properties, with B9 properties next occupying 34 percent of the space. They are all located in Queens.

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