FSA Capital signs $69M construction loan with Ponce for 100-unit project in Flushing

FSA Capital through the entity Cpbspe LLC as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $69 million for the mixed-use building (K1) at 133-09 37th Avenue in Flushing, Queens.

On the lot, there is one active new building construction project, Q00783360, for a 100-unit, 141,911 square-foot R-2 building. The project was submitted by Benjamin Clyburn with plans filed September 22, 2022 and permitted June 24, 2025.
The deal closed on June 23, 2025 and was recorded on July 3, 2025. The prior lender was Ponce Bank which held debt that had an original loan amount of $7 million. The price per planned zoning square foot is $486 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 20, 2022, for $14.2 million. The signatory for FSA Capital was Brian S. Pun . The signatory for Ponce Bank was Steven A. Tsavaris .

Prior sales and revenue

The 25,987-square-foot property generated revenue of $1.9 million or $73 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Flushing has 25,987 square feet of built space and 46,531 square feet of additional air rights for a total buildable of 72,482 square feet according to a PincusCo analysis of city data. The parcel has frontage of 242 feet and is 159 feet deep with a total lot size of 29,828 square feet. The lot is irregular. The zoning is C4-2 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 $9.2 million. The most recent loan totaled $7 million and was provided by Ponce Bank on April 30, 2025.

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 not received any significant violations 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 2.4 times the average sales volume among other neighborhoods with $632 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 2nd 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 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 25,987 square feet of the 137,618 square feet. The two identified owners are Fsa Capital and Jianfei Chen.
On the tax block, there were five new building construction projects totaling 703,275 square feet. The largest is a 150-unit, 204,163 square-foot residential (R-2) building submitted by Jianfei Chen and Lyu Zhongyin and filed by Jianfei Chen with plans filed June 9, 2021 and permitted April 11, 2022. The second largest is a 506-unit, 204,123 square-foot hotel/dormitory/shelter (R-1) building submitted by Yihai Group and filed by Junda Chen with plans filed August 7, 2018 and it has not been permitted yet.

The majority, or 37 percent of the 137,618 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that FSA Capital owned at least six commercial properties with 22 residential units in New York City with 39,531 square feet and a city-determined market value of $11.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 39,531 square feet of built space are mixed-use properties, with development properties next occupying 21 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Brooklyn next at 33 percent of the space.

Direct link to Acris document. link