Palwinder Singh signs $10M construction loan for 32-unit project in LIC

Palwinder Singh through the entity 31st Street LIC Property LLC as borrower signed a new construction loan with lender Ponce Bank valued at $10 million for the 32-unit development project at 36-31 31st Street in Long Island City, Queens.

On the lot, there is one active new building construction project, Q01136795, for a 32-unit, 22,381 square-foot residential (R-2) building. The project was submitted by Palwinder Singh and filed by Palwinder Singh with plans filed November 5, 2024 and it has not been permitted yet.
The deal closed on June 8, 2026 and was recorded on June 15, 2026. The property has zero square feet of built space and 17,214 square feet of additional air rights for a total buildable of 17,214 square feet according to a PincusCo analysis of city data. The loan price per planned development zoning square foot is $447 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 August 8, 2024, for $3.4 million. The signatory for Palwinder Singh was Palwinder Singh.

The property

The parcel has frontage of 50 feet and is 114 feet deep with a total lot size of 5,738 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $781,000.

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 $50 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 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 7th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 18 commercial properties representing 50,241 square feet of the 96,065 square feet. The largest owner is Gurlaiz Masood , followed by Lonicera Partners and then Palwinder Singh.
On the tax block, there were five new building construction projects totaling 85,117 square feet. The largest is a 40-unit, 34,376 square-foot residential (R-2) building submitted by Ellen Senisi and filed by Ellen Senisi with plans filed August 29, 2019 and permitted May 7, 2021. The second largest is a 10-unit, 19,672 square-foot residential (R-2) building submitted by Palwinder Singh and filed by Palwinder Singh with plans filed November 5, 2024 and it has not been permitted yet.

The majority, or 43 percent of the 96,065 square feet of built space are elevator buildings, with mixed-use buildings next occupying 35 percent of the space.

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