CAVU Property Group pays $4.4M to expand LIC dev site

CAVU Property Group through the entity 38-18 33rd Street LLC paid $4.4 million to Vashie Ramlochan for the industrial building (G9) at 32-08 38th Avenue in Long Island City, Queens. The expected use is ground up development.

On the lot, there is one active new building construction project, Q01261032, for a 82-unit, 78,510 square-foot R-2 building. The project was submitted by CAVU Property Group and filed by Steven Hurwitz with plans filed August 4, 2025 and it has not been permitted yet.

The deal closed on March 12, 2026 and was recorded on March 31, 2026. The property has 4,260 square feet of built space and 2,685 square feet of additional air rights for a total buildable of 6,945 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,032 and the price per buildable square foot is $633 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 May 6, 2014, for $700,000. The signatory for Vashie Ramlochan was Vashie Ramlochan. The signatory for CAVU Property Group was attorney Daniel Cohen . The contract date was October 21, 2025. This expands a Cavu assemblage including 38-19 32nd Street and 38-10 33rd Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer CAVU Property Group purchased two properties in two transactions for a total of $34 million and has no record it sold any properties over the past 24 months.
The seller Vashie Ramlochan had not purchased any other properties and had not sold any properties over the same time period. The 4,260-square-foot property generated revenue of $146,331 or $34 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 4,260 square feet of built space and 2,685 square feet of additional air rights for a total buildable of 6,945 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 95 feet deep with a total lot size of 2,315 square feet. 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 $863,000.

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 not received any significant violations 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 3.5 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 80,849 square feet of the 85,109 square feet. The largest owner is Cavu Property Group, followed by Aidi Xu and then Yitzchok Katz.
On the tax block, there were three new building construction projects totaling 241,907 square feet. The largest is a 84-unit, 82,274 square-foot residential (R-2) building submitted by CAVU Property Group and filed by Steven Hurwitz with plans filed August 4, 2025 and it has not been permitted yet. The second largest is a 87-unit, 81,123 square-foot residential (R-2) building submitted by CAVU Property Group and filed by Steven Hurwitz with plans filed August 4, 2025 and it has not been permitted yet.

The majority, or 47 percent of the 85,109 square feet of built space are industrial buildings, with elevator buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Cavu Property Group owned at least 11 commercial properties with 304 residential units in New York City with 124,385 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 124,385 square feet of built space are D7 properties, with industrial properties next occupying 29 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Queens next at 29 percent of the space.

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