David Cannizzaro pays $3.3M for industrial in Long Island City

David Cannizzaro through the entity 39-06 Crescent Street LLC paid $3.3 million to Angela Lam through the entity 3906 Long Island City Inc. for the industrial building (F5) at 39-06 Crescent Street in Long Island City, Queens. David Cannizzaro’s JCC Construction occupies space in the adjacent property, 24-02 39th Avenue.
The deal closed on December 29, 2025 and was recorded on January 15, 2026. The property has 10,000 square feet of built space for a total buildable of 10,016 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $330 and the price per buildable square foot is $329 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 15, 2008, for $2.6 million. The signatory for Angela Lam was Angela Lam. The signatory for David Cannizzaro was David Cannizzaro. The contract date was November 5, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer David Cannizzaro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Angela Lam had not purchased any other properties and had not sold any properties over the same time period. The 10,000-square-foot property generated revenue of $217,194 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 10,000 square feet of built space for a total buildable of 10,016 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 5,008 square feet. The zoning is M1-2/R5D which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential. 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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 $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 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 three of the 17 commercial properties representing 38,523 square feet of the 155,392 square feet. The largest owner is Frank Modica, followed by Vasilios Kontorouhas and then Shloma Stuhl.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 155,392 square feet of built space are industrial buildings, with walkup buildings next occupying 25 percent of the space.

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