Baron Property pays $82.5M to LargaVista for LIC dev site, gets $221M construction loan

Baron Property Group through the entity 30-25 Queens Blvd Tenant LLC paid $82.5 million to LargaVista Companies through the entity Palmana Realty Corp. for the industrial building (G6) at 30-25 Queens Boulevard in Long Island City, Queens. The expected use is ground up development.

At the same time, the new owners obtained a $221 million loan from Blackstone Group for acquisition and construction.

On the lot, there is one active new building construction project, Q00614075, for a 561-unit, 419,497 square-foot residential (R-2) building. The project was submitted by LargaVista Companies and filed by Adam Good with plans filed December 8, 2021 and permitted April 15, 2022.
The deal closed on June 23, 2025 and was recorded on July 10, 2025.
The signatory for LargaVista Companies was Marcello Porcelli . The signatory for Baron Property Group was Andrew Till . The contract date was May 22, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Baron Property Group had purchased any other properties and sold two properties in one transaction for a total of $47 million over the past 24 months.
The seller LargaVista Companies had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 165 feet and is 190 feet deep with a total lot size of 27,553 square feet. The lot is irregular. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.2 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 received $14,750 in ECB penalties and $16,550 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 $902 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 5.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 17 commercial properties representing 427,155 square feet of the 828,447 square feet. The largest owner is Alma Realty, followed by Life Storage and then Largavista Companies.
On the tax block, there were four new building construction projects totaling 1,011,938 square feet. The largest is a 518-unit, 473,706 square-foot residential (R-2) building submitted by Largavista Companies and filed by Adam Good with plans filed December 8, 2021 and permitted April 15, 2022. The second largest is a 315,626 square-foot business (B) building submitted by Alma Realty and filed by Efstathios Valiotis with plans filed February 5, 2016 and it has not been permitted yet.

The majority, or 64 percent of the 828,447 square feet of built space are office buildings, with industrial buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Largavista Companies owned at least 15 commercial properties in New York City with 81,631 square feet and a city-determined market value of $38.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 81,631 square feet of built space are office properties, with industrial properties next occupying 43 percent of the space. The bulk, or 66 percent of the built space, is in Queens, with Brooklyn next at 24 percent of the space.

The buyer

The PincusCo database currently indicates that Baron Property Group owned at least four commercial properties with 71 residential units in New York City with 0.0 square feet and a city-determined market value of $4.2 million. (Market value is typically about 50% of actual value.) The portfolio has $80.5 million in debt, borrowed from MF1 Capital and Kriss Capital. 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.

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