Montperia Group signs $20M refi loan with Ponce Bank for hotel in Long Island City

Montperia Group through the entity 11-11 LIC Development, LLC as borrower signed a refi loan with lender Ponce Bank through the entity Ponce Bank valued at $20 million for the hotel building (H2) at 38-70 12th Street in Long Island City, Queens.
The deal closed on July 30, 2025 and was recorded on August 21, 2025. The prior lender was Castellan Capital which held debt that had an original loan amount of $21.5 million.The property has 93,160 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $214 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 February 21, 2018, for $10.5 million. The signatory for Montperia Group was Alex Lau and Meng Hua Wang . The signatory for Ponce Bank was Steven A. Tsavaris .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Alex Lau, head officer and Rey Velasquez, officer. The business entity is 11-11 Lic Development Llc. The 93,160-square-foot property generated revenue of $9.2 million or $99 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Long Island City has 93,160 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 85 feet deep with a total lot size of 8,500 square feet. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $16.4 million.

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 $1,075 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 13, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 3.5 times the average sales volume among other neighborhoods with $979.9 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 12 commercial properties representing 216,367 square feet of the 420,126 square feet. The largest owner is Daryl Hagler, followed by Weihong Hu and then Barone Management.
On the tax block, there was one new building construction project filed totaling 57,206 square feet. It is a 178-unit, 57,206 square-foot hotel/dormitory/shelter (R-1) building submitted by Joe Zhang with plans filed September 23, 2014 and permitted June 29, 2018.

The majority, or 84 percent of the 420,126 square feet of built space are hotel buildings, with industrial buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Montperia Group owned at least five commercial properties with two residential units in New York City with 75,285 square feet and a city-determined market value of $10.1 million. (Market value is typically about 50% of actual value.) The portfolio has $25 million in debt, borrowed from Fiona Wu. Within the portfolio, the bulk, or 98 percent of the 75,285 square feet of built space are specialty properties, with B9 properties next occupying 2 percent of the space. They are all located in Queens.

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