Domain Companies pays $37M for Astoria dev sites, borrows $34.1M from Schroders

The Domain Companies paid $37 million to the owners of the 130-year-old plumbing supply firm Mayer Malbin for three parcels that make up two development sites in Astoria, in two transactions for properties across the street from each other.

To finance the purchase, Domain Companies borrowed $34.1 million from an affiliate of the British asset management firm Schroders. This is the first Schroders-originated New York City loan in PincusCo records.

In the first, Domain Companies through the entity Domain 41st Street Site A LLC paid $26.8 million to Mayer Malbin Company through the entity Mayor Malbin Realty I, L.L.C. for the industrial buildings (E1) at 35-45 41st Street and 35-33 41st Street in Astoria, Queens. The expected use is ground up development.
The deal closed on August 5, 2025 and was recorded on August 15, 2025. The two properties have 25,600 square feet of built space and 136,256 square feet of additional air rights for a total buildable of 161,943 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,048 and the price per buildable square foot is $165 per the PincusCo analysis.

In the second, Domain Companies through the entity Domain 41st Street Site B LLC paid $10.2 million to Mayer Malbin Company through the entity Mayer Malbin Realty I, L.L.C. for the industrial building (E1) at 35-42 41st Street in Astoria, Queens. The expected use is ground up development.
The deal closed on August 5, 2025 and was recorded on August 15, 2025. The property has 13,850 square feet of built space and 12,555 square feet of additional air rights for a total buildable of 26,432 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $733 and the price per buildable square foot is $384 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 signatory for Mayer Malbin Company was Ryan Harry Persad . The signatory for Domain Companies was Matthew Schwartz . The contract date was August 5, 2025. These properties were in contract with Silverstein Properties in 2019, and that memorandum of contract was terminated in 2024.The 4th generation family-owned company was founded in 1894. The curent owners are members of the Seldon and Gordon families.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $50 in OATH penalties 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 Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.5 times the average sales volume among other neighborhoods with $678 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are industrial.

The seller

The PincusCo database currently indicates that Mayer Malbin Company owned at least one commercial property in New York City with 40,775 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio has $10.7 million in debt, borrowed from PNC Bank. The portfolio consists of at least a single industrial property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Domain Companies owned at least 16 commercial properties with 904 residential units in New York City with 1,761,021 square feet and a city-determined market value of $23.8 million. (Market value is typically about 50% of actual value.) The portfolio has $603.2 million in debt, with top three lenders as JLL, Equitable Financial Life Insurance Company, and PNC Bank respectively. Within the portfolio, the bulk, or 97 percent of the 1,761,021 square feet of built space are elevator properties, with industrial properties next occupying 3 percent of the space. The bulk, or 97 percent of the built space, is in Bronx, with Brooklyn next at 3 percent of the space.

Direct link to Acris document. 35-45 41st Street and 35-33 41st Street link
Direct link to Acris document. 35-42 41st Street link