Zehao Fang, Simon Hung sign $33M refi with Ponce Bank for 64-unit rental in LIC

Zehao Fang and Simon Hung through the entity FH 2Bro Builder Corp. as borrower signed a refi loan with lender Ponce Bank valued at $33 million for the 64-unit residential elevator building (D7) at 37-42 30th Street in Long Island City, Queens.
The deal closed on February 20, 2026 and was recorded on March 31, 2026. The prior lender was Yunying Lu which held debt that had an original loan amount of $10 million. The property has 76,449 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $431 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 15, 2020, for $9.2 million. The signatory for Zehao Fang and Simon Hung was Zehao Fang and Simon Hung. The signatory for Ponce Bank was Steven A. Tsavaris .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Jack Fang, head officer and Simon Hung, officer. The business entity is Fh 2bro Builder Corp. The 76,449-square-foot property generated revenue of $3.3 million or $43 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 64 residential units in Long Island City has 76,449 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 159 feet and is 73 feet deep with a total lot size of 10,600 square feet. The lot is irregular. 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 $1.6 million. Ponce Bank on February 20, 2026 bought a loan with an original principal of $10.0M from Yunying Lu signed by Yunying Lu , secured by 37-42 30th Street, when owned by Zehao Fang and Simon Hung.

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 $220 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, Q00577373, for a 47-unit, 39,427 square-foot R-2 building. The project was submitted by Zehao Fang and filed by Jack Fang with plans filed September 10, 2021 and permitted February 5, 2024.

The block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 65,815 square feet of the 113,319 square feet. The largest owner is Park Construction Corp., followed by Simon Hung and then Sheng Wang.
On the tax block, there were two new building construction projects totaling 60,069 square feet. The largest is a 47-unit, 39,427 square-foot residential (R-2) building submitted by Zehao Fang and filed by Jack Fang with plans filed September 10, 2021 and permitted April 7, 2022. The second largest is a 14-unit, 20,642 square-foot residential (R-2) building submitted by Arthur Klansky and filed by Arthur Klansky with plans filed January 2, 2025 and it has not been permitted yet.

The majority, or 51 percent of the 113,319 square feet of built space are elevator buildings, with industrial buildings next occupying 47 percent of the space.

The borrower

The PincusCo database currently indicates that Zehao Fang owned at least four commercial properties with 73 residential units in New York City with 0.0 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with industrial properties next occupying 0 percent of the space.
The PincusCo database currently indicates that Simon Hung owned at least two commercial properties with 81 residential units in New York City with 22,194 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 22,194 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

Direct link to Acris document. link