FBL Development

People:

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FBL Development NYC portfolio

$153.5 million* – retail 56%, industrial 21%, development 21%; Queens 100%

928th largest portfolio by dollar value

13,215 sqft – retail 66%, industrial 33%;

4918th largest by SF

6 properties – Queens 100%

1340th largest

52 residential units – Queens 100%

2182th largest by residential units

Company Activity past 24 months:

Borrower company: 3 for $116.9 million

Developer (new building or major alteration): 1 for 104,502 square feet

Top Ten Associated Companies:

Ponce Bank (3), Preferred Bank (1)

Top Ten Associated People:

Steven A. Tsavaris (3), Sylvia Tseng (1)

Recent activity as company:

FBL Development borrowed $65.3 million from Ponce Bank for 21-01/21-19 31st Street, Ditmars Steinway, Queens on April 11, 2025.

FBL Development borrowed $26.5 million from Preferred Bank for 81-07 Kew Gardens Road, 81-07 Kew Gardens Road, and 81-07 Kew Gardens Road, Kew Gardens, Queens on March 31, 2025.

FBL Development borrowed $25.1 million from Ponce Bank for 43-05/43-11 Crescent Street, Long Island City, Queens on June 07, 2024.

FBL Development for Weitao Shi filed plans for new building for 104,502 sqft in Ditmars Steinway, Queens, on May 31, 2024.

FBL Development borrowed $25 million from Ponce Bank for 31-16 21st Street, Astoria, Queens on February 03, 2023.

Properties:

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*The Portfolio Value is a PincusCo estimate based on a property’s recent sale or loan, or multiplying the city’s Market Value by two.

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