FBL Development signs $65.3M construction loan with Ponce for 86-unit project in Ditmars Steinway

FBL Development through the entity FBL Rowan LLC as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $65.3 million for the development building (V1) at 21-01 to 21-19 31st Street in Ditmars Steinway, Queens.

On the lot, there is one active new building construction project, Q01054670, for an 86-unit, 65,432 square-foot residential (R-2) building. The project was submitted by FBL Development and filed by Weitao Shi with plans filed May 31, 2024 and permitted December 6, 2024.
The deal closed on April 11, 2025 and was recorded on April 29, 2025. The prior lender was Ponce Bank which held debt that had an original loan amount of $12.6 million.

The loan price per project zoning square foot is just under $1,000 per square foot 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 owner bought the property on October 27, 2023, for $21 million. The signatory for FBL Development was Weitao Shi . The signatory for Ponce Bank was Steven A. Tsavaris .

The property

The development building in Ditmars Steinway has 8,810 square feet of built space and 56,271 square feet of additional air rights for a total buildable of 56,271 square feet according to a PincusCo analysis of city data. The parcel has frontage of 189 feet and is 100 feet deep with a total lot size of 18,757 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 million. The most recent loan totaled $12.6 million and was provided by Ponce Bank on October 27, 2023.

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 one DOB violation, $42,250 in ECB penalties, and $43,250 in OATH penalties in the last year.

The neighborhood

In Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has had very little sales volume relative to other neighborhoods with $148.6 million in sales volume in the last two years. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 445,165 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 84,344 square feet of the 148,198 square feet. The largest owner is Sol Goldman Investments, followed by Theodoros Spyronassis and then Fbl Development.
On the tax block, there were two new building construction projects totaling 123,027 square feet. The largest is a 86-unit, 65,432 square-foot residential (R-2) building submitted by FBL Development and filed by Weitao Shi with plans filed May 31, 2024 and permitted December 6, 2024. The second largest is a 46-unit, 57,595 square-foot residential (R-2) building submitted by George Michelis|John Petras and filed by John Petras with plans filed March 3, 2017 and permitted December 4, 2018.

The majority, or 33 percent of the 148,198 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 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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