Aditya Shah pays $7.1M to iCross Capital for dev site in Long Island City

Aditya Shah through the entity 28 12 41st Ave LLC paid $7.1 million to iCross Capital through the entity Realty 41 LLC for the industrial building (E9) at 28-12 41st Avenue in Long Island City, Queens. The expected use is ground up development.

For the tax lot building, it received its initial certificate of occupancy on May 13, 2014. On the lot, there is one active new building construction project, Q01261622, for a 31-unit, 24,988 square-foot R-2 building. The project was submitted by Aditya Shah and filed by Aditya Shah with plans filed September 26, 2025 and it has not been permitted yet.
The deal closed on October 2, 2025 and was recorded on October 28, 2025. The property has 5,000 square feet of built space and 20,000 square feet of additional air rights for a total buildable of 25,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,420 and the price per buildable square foot is $284 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 June 29, 2021, for $6.2 million. The signatory for iCross Capital was Lily Lijun Guo . The signatory for Aditya Shah was Aditya Ajaykumar Shah. The contract date was April 2, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aditya Shah had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller iCross Capital had not purchased any other properties and had not sold any properties over the same time period. The 5,000-square-foot property generated revenue of $100,700 or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 5,000 square feet of built space and 20,000 square feet of additional air rights for a total buildable of 25,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $496,000.

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 $600 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 3.4 times the average sales volume among other neighborhoods with $998.7 million 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 6.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 16 commercial properties representing 201,160 square feet of the 431,470 square feet. The largest owner is Heritage Realty Partners, followed by Viking Management and then Icross Capital.
On the tax block, there was one new building construction project filed totaling 24,988 square feet. It is a 31-unit, 24,988 square-foot residential (R-2) building submitted by Aditya Shah and filed by Aditya Shah with plans filed September 26, 2025 and it has not been permitted yet.

The majority, or 44 percent of the 431,470 square feet of built space are office buildings, with elevator buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Icross Capital owned at least five commercial properties with 193 residential units in New York City with 106,710 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 95 percent of the 106,710 square feet of built space are elevator properties, with industrial properties next occupying 5 percent of the space. They are all located in Queens.

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