Cyprus-based Cyfield Group pays $6.9M for LIC dev site

Cyfield Group through the entity 4141 Owner LLC paid $6.9 million to Louis Evangelista Jr. through the entity North Shore, LLC for the 25-foot by 100-foot development site at 41-41 24th Street in Long Island City, Queens. The expected use is ground up development. The site is adjacent to a larger 117-unit new construction project that New Empire Corp. is developing at 24-01 Queens Plaza North.

On the lot, there was a new building construction project, 420656374, filed for a 24-unit, 20,020 square-foot residential (R-2) building. The project was submitted by Louis Evangelista with plans filed April 18, 2016 and it has not been permitted yet.
The loan closed on April 11, 2025 and was recorded on April 30, 2025. The property has a total buildable of 18,830 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $366 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 July 20, 2011, for $1.2 million. The signatories for Louis Evangelista Jr. were attorneys Jeffrey M. Platte and David Levine . The signatory for Cyfield Group was Despina Chrysochou . The contract date was February 12, 2025. The buyer is a Cypriot company.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Cyfield Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Louis Evangelista Jr. had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Long Island City has 8,425 square feet of built space and 10,416 square feet of additional air rights for a total buildable of 18,830 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,504 square feet. The zoning is M1-5/R9 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $990,000.

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 two DOB violations, $6,000 in ECB penalties, and $6,000 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 the 10th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City is the 7th most active neighborhood among other neighborhoods. It had 6.2 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 nine of the 10 commercial properties representing 352,089 square feet of the 360,514 square feet. The largest owner is Ciampa Organization, followed by New Empire Corp. and then Watermark Capital Group.
On the tax block, there were three new building construction projects totaling 263,114 square feet. The largest is a 96-unit, 149,580 square-foot residential (R-2) building submitted by Anthony Pecora and filed by Anthony Pecora with plans filed December 24, 2014 and permitted December 21, 2015. The second largest is a 116-unit, 93,514 square-foot residential (R-2) building submitted by New Empire Corp. and filed by Bentley Zhao with plans filed June 23, 2022 and permitted December 8, 2023.

The majority, or 93 percent of the 360,514 square feet of built space are elevator buildings, with walkup buildings next occupying 3 percent of the space.

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