FBL Development pays $5.6M for LIC dev site, sellers owned since 1998

FBL Development through the entity 1028 Development LLC paid $5.6 million to Sandra London and Ciro Lupo through the entity Comm Electric, LLC for the development site composed of the industrial building (F9) at 10-30 47th Avenue and the industrial building (G7) at 10-32 47th Avenue in Long Island City, Queens. The expected use is ground up development.
The deal closed on July 29, 2025 and was recorded on August 11, 2025. The two properties have 7,500 square feet of built space and 7,500 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $746 and the price per buildable square foot is $373 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Sandra London and Ciro Lupo was Sandra London. The signatory for FBL Development was Wei Chen and Quan Lin. The contract date was March 7, 2025. The sellers, Sandra London, Ciro Lupo, bought the property in 1998 for $375,000, borrowing $272,500 to finance the purchase at the time. Sandra London and Ciro Lupo were owners of an electrical contractor company which occupied the space.

Recent FBL Development activity as company:

• FBL Development borrowed $24.8 million from Ponce Bank for 10-37 49th Avenue and 10-45 49th Avenue, Long Island City, Queens on June 26, 2025.

• 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.

The property

The industrial building in Long Island City has 7,500 square feet of built space and 7,500 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $664,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $350 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project, 420665248, for a 12-unit, 14,636 square-foot R-2 building. The project was submitted by Ciro Lupo with plans filed February 26, 2019 and it has not been permitted yet.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.7 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 10-30 47th Avenue, PincusCo has identified the owners of 16 of the 26 commercial properties representing 91,633 square feet of the 141,411 square feet. The largest owner is Circle F Capital, followed by Anthony Mandracchia and then Elena Bracchi.
On the tax block, there were three new building construction projects totaling 35,857 square feet. The largest is a 15-unit, 14,991 square-foot residential (R-2) building submitted by David Feldman with plans filed December 3, 2018 and permitted August 29, 2019. The second largest is a 12-unit, 14,636 square-foot residential (R-2) building submitted by Ciro Lupo with plans filed February 26, 2019 and it has not been permitted yet.

The majority, or 31 percent of the 141,411 square feet of built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Fbl Development owned at least five commercial properties with 52 residential units in New York City with 19,271 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 19,271 square feet of built space are retail properties, with industrial properties next occupying 40 percent of the space. They are all located in Queens.

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