FBL Development

People:

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FBL Development NYC portfolio

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

940th largest portfolio by dollar value

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

4943th largest by SF

6 properties – Queens 100%

1267th largest

52 residential units – Queens 100%

2206th 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.

Latest Stories:

• FBL Development signs $65.3M construction loan with Ponce for 86-unit project in Ditmars Steinway (April 30, 2025)

• FBL Development signs $26.5M refi for 51-unit mixed-use in Kew Gardens (April 25, 2025)

• FBL Development signs $25.1M construction loan with Ponce for 39-unit project in LIC (June 27, 2024)

• Weitao Shi, Yong Chen pay $21M to RockFarmer for likely dev site in Ditmars Steinway (November 09, 2023)

• Weitao Shi pays $10M for industrial in Long Island City (March 30, 2023)

• FBL Development signs $25M construction loan with Ponce Bank for 52-unit development in Astoria (February 20, 2023)

• RockFarmer Properties signs $23.2M refi loan with Bank Hapoalim for six properties in Ditmars Steinway (July 26, 2022)

• Yong Chen pays $10.3M for development site in Astoria (July 06, 2022)

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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