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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