Long Guang Lin signs $14M refi with Wells Fargo for 59-unit rental in Fordham Manor

Long Guang Lin through the entity KBH Realty NYC LLC as borrower signed a refi loan with lender Wells Fargo valued at $14 million for the 59-unit residential elevator building (D1) at 2528 Grand Avenue in Fordham Manor, Bronx.
The deal closed on July 30, 2025 and was recorded on August 7, 2025. The prior lender was Ponce Bank which held debt that had an original loan amount of $10 million.The property has 43,510 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $321 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 Long Guang Lin was Long Guang Lin. The signatory for Wells Fargo was Anthony J. Boucino .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Lomg Lin, head officer and Long Lin, agent. The business entity is Kbh Realty Nyc Llc. The 43,510-square-foot property generated revenue of $1.1 million or $25 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 59 residential units in Fordham Manor has 43,510 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.4 million. The most recent loan totaled $10 million and was provided by Ponce Bank on June 22, 2021.

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 $11,550 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 9, 2025. On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 76,422 square feet. The largest, 240281976, is a new building project for a 55-unit, 38,211 square-foot R-2 building submitted by Long Lin with plans filed August 12, 2020 and it has not been permitted yet. The second largest, 240282010, is a new building project for a 55-unit, 38,211 square-foot R-2 building submitted by Long Guang Lin and filed by Long Guang Lin with plans filed August 12, 2020 and it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 135,289 square feet of the 226,463 square feet. The largest owner is Mp Management, followed by Long Guang Lin and then Vilson Lumaj.
On the tax block, there were three new building construction projects totaling 87,366 square feet. The largest is a 55-unit, 38,211 square-foot residential (R-2) building submitted by Long Guang Lin and filed by Long Guang Lin with plans filed August 12, 2020 and it has not been permitted yet. The second largest is a 55-unit, 38,211 square-foot residential (R-2) building submitted by Long Lin with plans filed August 12, 2020 and it has not been permitted yet.

The majority, or 94 percent of the 226,463 square feet of built space are elevator buildings, with walkup buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Long Guang Lin owned at least four commercial properties with 115 residential units in New York City with 63,052 square feet and a city-determined market value of $6.1 million. (Market value is typically about 50% of actual value.) The portfolio has $23 million in debt, borrowed from Ponce Bank and NorthEast Community Bank. Within the portfolio, the bulk, or 97 percent of the 63,052 square feet of built space are elevator properties, with D3 properties next occupying 3 percent of the space. The bulk, or 72 percent of the built space, is in Bronx, with Queens next at 28 percent of the space.

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