Cun Long Chen signs $45M construction loan with Ponce for retail, office project in Flushing

Cun Long Chen through the entity New Age Developers LLC as borrower signed a new construction loan with lender Ponce Bank valued at $45 million for a nine-story retail and office project at 136-29 38th Avenue in Flushing, Queens.

On the lot, there is one active new building construction project, Q00980376, for a 91,568 square-foot commercial building. The project was submitted by Cun Long Chen and filed by Cun Chen with plans filed January 26, 2024 and permitted October 15, 2024.
The deal closed on September 30, 2025 and was recorded on October 22, 2025. The prior lender was Amerasia Bank which held debt that had an original loan amount of $16 million.
The owner bought the property on July 10, 2023, for $37.5 million. The signatory for Cun Long Chen was Cun Long Chen. The signatory for Ponce Bank was Steven A. Tsavaris .

Prior sales and revenue

The 12,021-square-foot property generated revenue of $635,791 or $53 per square foot, according to the most recent income and expense figures.

The property

The retail building in Flushing has 12,021 square feet of built space and 33,607 square feet of additional air rights for a total buildable of 45,623 square feet according to a PincusCo analysis of city data. The parcel has frontage of 121 feet and is 232 feet deep with a total lot size of 18,775 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $4.1 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 received $10,685 in ECB penalties and $775 in OATH penalties in the last year.

The neighborhood

In Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.3 times the average sales volume among other neighborhoods with $681.7 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.4 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 180,599 square feet of the 318,716 square feet. The largest owner is F&T Group, followed by Sol Goldman Investments and then Solil Management.
On the tax block, there were four new building construction projects totaling 396,140 square feet. The largest is a 151,076 square-foot 56 building submitted by F&T Group and filed by Richard Siu with plans filed March 19, 2025 and it has not been permitted yet. The second largest is a 129,661 square-foot business (B) building submitted by Lions Group and filed by Albert Shirian with plans filed June 5, 2020 and permitted January 6, 2025.

The majority, or 38 percent of the 318,716 square feet of built space are industrial buildings, with retail buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Cun Long Chen owned at least two commercial properties with 48 residential units in New York City with 14,781 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12.7 million in debt, borrowed from Cathay Bank. Within the portfolio, the bulk, or 81 percent of the 14,781 square feet of built space are retail properties, with D6 properties next occupying 19 percent of the space. They are all located in Queens.

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