Accord Power pays $4.9M for industrial in Long Island City

Accord Power, a solar energy firm, through the entity Maxxpower LLC paid $4.9 million to Spyro Avdoulos and Evan Avdoulos through the entity Astor 2, LLC for the industrial building (E1) at 11-02 37th Avenue in Long Island City, Queens. The expeced use is owner-occupied. The property was marked as both a development site and an industrial building. The new owners have filed New York City Department of Buildings plans to work on the second floor of the existing building, indicating it will be owner-occupied. A prior owner filed demolition plans that were never carried out. Accord Power, according to its website finances, designs and installs photovoltaic and energy storage systems.
The sale closed on January 27, 2026 and was recorded on February 11, 2026. The property has 15,000 square feet of built space and 22,500 square feet of additional air rights for a total buildable of 37,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $326 and the price per buildable square foot is $130 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 seller bought the property on April 11, 2023, for $4.6 million. The signatory for Spyro Avdoulos and Evan Avdoulos was Evan Avdoulos. The signatory for Accord Power was company CEO Lincoln Xia . The contract date was October 21, 2025.

Kostas Alafoyiannis, a broker at Greiner-Maltz Real Estate, was marketing the property and represented the seller. Kyle Maltz, a salesperson with Greiner-Maltz Real Estate, represented the buyer.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Lincoln Xia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Spyro Avdoulos had not purchased any other properties and sold one property in one transaction for a total of $12 million over the same time period. The 15,000-square-foot property generated revenue of $269,550 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 15,000 square feet of built space and 22,500 square feet of additional air rights for a total buildable of 37,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 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 $1.3 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 not received any significant violations in the last year.

Development

On the lot, there was one new building construction project, 421535002, for a 33,318 square-foot office (B) building. The project was submitted by Ira Goldstein with plans filed August 17, 2017 and it has not been permitted yet.

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 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 9th 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 two of the 13 commercial properties representing 23,118 square feet of the 79,163 square feet. The two identified owners are Spyro Avdoulos and Skf Electric.
On the tax block, there was one new building construction project filed totaling 33,318 square feet. It is a 33,318 square-foot business (B) building submitted by Ira Goldstein with plans filed August 17, 2017 and it has not been permitted yet.

The majority, or 85 percent of the 79,163 square feet of built space are industrial buildings, with office buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Spyro Avdoulos owned at least two commercial properties in New York City with 38,544 square feet and a city-determined market value of $5.2 million. (Market value is typically about 50% of actual value.) The portfolio has $13.5 million in debt, borrowed from Spring Bank and W Financial. Within the portfolio, all identified are industrial properties. They are all located in Queens.

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