FSA Capital’s Flushing Development Scores $89M Loan

8 July 2025

A Flushing development is one step closer to completion.

A borrower connected to FSA Capital secured $89 million in aggregate financing in part from Ponce Bank for a mixed-use development at 133-09 37th Avenue in Queens. The documents were signed June 23 and hit city records on July 3.

FSA is planning to construct a 14-story building with a total of 253,200 square feet, slated for completion in the summer of 2027.

Commercial space will join 99 condo units and 311 underground parking spaces, according to Benjamin Clyburn, who is working with FSA on the project. Just over 65 percent of the commercial space has been pre-leased, although Clyburn declined to share by whom.

The $89 million includes a $34.7 million building loan, a $25 million land loan and $9.2 million project loan from Ponce.

“This was a best-in-class development that demanded a lender with both vision and commitment and we’re really glad to have found that in Ponce Bank,” Clyburn said.

FSA’s biggest project so far has been as a partner with Chris Jiashu Xu in Skyline Tower, the tallest building in Queens. The skyscraper in the Court Square area of Long Island City was the borough’s first billion dollar project and was aiming for a $1.1 billion sellout when sales opened in 2019.

The firm also has developments in Bensonhurst, Brooklyn and elsewhere in Queens.

Flushing has seen a fair amount of commercial leasing interest in the past year.

Round1 Bowling & Arcade in December signed the month’s biggest lease citywide for 80,300 square feet in the neighborhood. Tesla leased 150,000 square feet on Whitestone Expressway last fall, while West Coast chain 99 Ranch Market picked the neighborhood’s Main Street for its first New York location.
Flushing is also one of the neighborhoods potentially affected by the city’s casino plans. Steve Cohen, a hedge fund manager and owner of the New York Mets, submitted a bid for a state casino license for a gambling hall project in the parking lots of Citi Field, but would add a “skypark” over Flushing Creek to connect the area to Willets Point.