Bowery Residents’, Urban Builders borrow $101.4M for shelter construction in LIC

Bowery Residents’ Committee and Urban Builders Collaborative signed a new construction loan with lender UMB Bank  valued at $101.4 million for the construction of a homeless shelter at 38-80 11th Street in Long Island City, Queens.

On the lot, there is one active new building construction project, Q01126611, for a 150-unit, 110,511 square-foot building. The project was submitted by Urban Builders Collaborative and filed by Matthew Gross with plans filed December 3, 2024 and permitted August 6, 2025.
The loan closed on February 1, 2026 and was recorded on March 4, 2026.
The owner bought the property on March 29, 2024, for $14 million. The signatory for Bowery Residents’ Committee and Urban Builders Collaborative was Lawrence Rosenblatt and Matthew Gross .

Simultaneously with the loan, Bowery Residents’ Committee and Urban Builders Collaborate executed a deed transfer from Urban Builders Collaborative to an entity in care of Bowery Residents’ Committee, with a $22.2 million transfer value, but in a related document declared that Urban Builders Collaborate was the beneficial owner of the project.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Bowery Residents’ Committee purchased four properties in two transactions for a total of $37.8 million and has no record it sold any properties over the past 24 months.
The seller Urban Builders Collaborative purchased three properties in one transaction for a total of $14 million and had not sold any properties over the same time period.

The property

The industrial building in Long Island City has 12,426 square feet of built space and 30,758 square feet of additional air rights for a total buildable of 43,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 90 feet and is 99 feet deep with a total lot size of 8,640 square feet. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.5 million.

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 3.3 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 nine of the 31 commercial properties representing 226,654 square feet of the 347,119 square feet. The largest owner is Hiu Ian Cheng, followed by Jasmin Patel and then Balbir Singh Sandhu.
On the tax block, there were five new building construction projects totaling 260,391 square feet. The largest is a 146-unit, 110,511 square-foot 70 building submitted by Urban Builders Collaborative and filed by Matthew Gross with plans filed December 3, 2024 and permitted August 6, 2025. The second largest is a 181-unit, 53,606 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Chang Sam with plans filed August 6, 2015 and permitted May 30, 2018.

The majority, or 70 percent of the 347,119 square feet of built space are hotel buildings, with industrial buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Urban Builders Collaborative owned at least four commercial properties with 110 residential units in New York City with 24,651 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio has $55.3 million in debt, borrowed from Bank of New York Mellon. Within the portfolio, the bulk, or 97 percent of the 24,651 square feet of built space are industrial properties, with A2 properties next occupying 3 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Bowery Residents’ Committee owned at least five commercial properties with 214 residential units in New York City with 185,075 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) The portfolio has $188.2 million in debt, with top three lenders as Citibank, NYC Department of Housing Preservation and Development, and UMB Bank respectively. Within the portfolio, the bulk, or 57 percent of the 185,075 square feet of built space are walkup properties, with elevator properties next occupying 26 percent of the space. The bulk, or 83 percent of the built space, is in Bronx, with Manhattan next at 17 percent of the space.
The PincusCo database currently indicates that Urban Builders Collaborative owned at least four commercial properties with 110 residential units in New York City with 24,651 square feet and a city-determined market value of $3.4 million. (Market value is typically about 50% of actual value.) The portfolio has $55.3 million in debt, borrowed from Bank of New York Mellon. Within the portfolio, the bulk, or 97 percent of the 24,651 square feet of built space are industrial properties, with A2 properties next occupying 3 percent of the space. They are all located in Queens.

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