FBL Development signs $24.8M construction loan with Ponce Bank for 35-unit LIC project

FBL Development through the entity 1037 Development LLC as borrower signed a new construction loan with lender Ponce Bank valued at $24.8 million for a 35-unit project at 10-39 49th Avenue in Long Island City, Queens.

On these lots, there is one active new building construction project, Q01169174, for a 35-unit, 23,989 square-foot residential (R-2) building. The project was submitted by Yong Chen and filed by Yong Chen with plans filed March 14, 2025 and it has not been permitted yet.
The deal closed on June 26, 2025 and was recorded on July 17, 2025. The prior lender was Ponce Bank which held debt that had an original loan amount of $5 million.The two parcels that make up the development site have 6,056 square feet of built space and 17,940 square feet of additional air rights for a total buildable of 24,000 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $1,033 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 FBL Development was Wei Chen . The signatory for Ponce Bank was Steven A. Tsavaris .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 10-37 49th Avenue.

Prior sales and revenue

Out of the two properties, one with a total of 6,056 square feet of built space generated revenue of $69,418 per year.

The property

The office building in Long Island City has 6,056 square feet of built space and 17,940 square feet of additional air rights for a total buildable of 24,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 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 $530,000. The most recent loan totaled $5 million and was provided by Ponce Bank on November 22, 2024.

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 $1,250 in ECB penalties and $1,250 in OATH penalties in the last year.

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 3.8 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 5.4 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.

The block

On the tax block of 10-37 49th Avenue, PincusCo has identified the owners of five of the 13 commercial properties representing 38,249 square feet of the 62,051 square feet. The largest owner is Evans Panagoulias, followed by Rey J. Nieto and then Wei Chen.
On the tax block, there was one new building construction project filed totaling 23,989 square feet. It is a 35-unit, 23,989 square-foot residential (R-2) building submitted by Yong Chen and filed by Yong Chen with plans filed March 14, 2025 and it has not been permitted yet.

The majority, or 37 percent of the 62,051 square feet of built space are walkup buildings, with mixed-use buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Fbl Development owned at least three commercial properties with 52 residential units in New York City with 13,215 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 13,215 square feet of built space are retail properties, with industrial properties next occupying 33 percent of the space. They are all located in Queens.

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