FBL Development
142-22 37th Avenue 5th Floor Flushing, NY 11354
People:
FBL Development NYC portfolio
$204.3 million -retail 47%, industrial 26%, development 16%; Queens 99%*
946th largest portfolio by dollar value
36,271 sqft – retail 50%, industrial 41%, office 7%; Queens 100%
4002th largest by SF
11 properties – Queens 100%
918th largest
125 residential units – Queens 100%
1555th largest by residential units
Company Activity past 24 months:
Buyer company: 2 for $16.8 million
Borrower company: 5 for $148.2 million
Developer (new building or major alteration): 2 for 257,109 square feet
Top Ten Associated Companies:
Ponce Bank (5), Preferred Bank (1)
Top Ten Associated People:
Steven A. Tsavaris (5), Sylvia Tseng (1)
Recent activity as company:
• Kenneth Kerim sold 43-50 40 Street for $11.2 million to FBL Development on April 17, 2026.
• FBL Development borrowed $6.5 million from Ponce Bank for 43-50 40 Street on April 17, 2026.
• FBL Development for Weitao Shi filed plans for new building for 152,607 sqft in Downtown Brooklyn, Brooklyn, on December 19, 2025.
• Sandra London and Ciro Lupo sold 10-28 47 Avenue for $5.6 million to FBL Development on July 29, 2025.
• FBL Development borrowed $24.8 million from Ponce Bank for 10-37 49 Avenue on June 26, 2025.
• FBL Development borrowed $65.3 million from Ponce Bank for 31-08 21 Avenue on April 11, 2025.
• FBL Development borrowed $26.5 million from Preferred Bank for 81-07 Kew Gardens Road on March 31, 2025.
• FBL Development borrowed $25.1 million from Ponce Bank for 43-05 Crescent Street 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 for Yong Chen filed plans for major alteration for 37,939 sqft in Queens, on April 28, 2023.
Latest Stories:
• FBL Development pays $5.6M for LIC dev site, sellers owned since 1998 (August 12, 2025)
• FBL Development signs $26.5M refi for 51-unit mixed-use in Kew Gardens (April 25, 2025)
• Wei Chen pays $8.4M for dev site in LIC (December 06, 2024)
• Weitao Shi pays $10M for industrial in Long Island City (March 30, 2023)
Properties: