Hirshmark sells 15-unit Astoria rental for $6.1M after acquiring building from borrower

Chok Lei through the entity 3516 NY LLC paid $6.1 million to Hirshmark Capital through the entity 3516 Fs for the 15-unit residential elevator building (D7) at 35-16 Astoria Boulevard in Astoria, Queens. The expected use is cash flowing.
The deal closed on July 25, 2025 and was recorded on August 14, 2025. The property has 14,114 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $432 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.)
Hirshmark Capital acquired title to the property on May 31, 2024, from the building’s former borrower, Matthew Schwartz. The transfer value was $9.7 million, representing the original principal loan amount Kearny Bank gave the former owner in 2017. (This Matthew Schwartz is not the same individual as the executive with the same name at Domain Companies.) Hirshmark then bought that note February 7, 2024, and on May 31, the former owner transferred title to Hirshmark.
In the sale to Chok Lei, the signatory for Hirshmark Capital was an outside attorney, Erick Vallely . The signatory for Chok Lei was Chok Lei. The contract date was May 14, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chok Lei had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Hirshmark Capital purchased two properties in two transactions for a total of $19.6 million and sold one property in one transaction for a total of $3.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mark Levin, head officer and Joel Spitzer, agent. The business entity is 3516 Fs Llc. The 14,114-square-foot property generated revenue of $552,422 or $39 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 15 residential units in Astoria has 14,114 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 73 feet deep with a total lot size of 3,385 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The property has a 421A exemption that started in 2016 and expires in 2031. The city-designated market value for the property in 2022 is $2.5 million. The most recent loan totaled 0.0 and was provided by Hirshmark Capital on February 7, 2024. The property has 15 rent regulated units according to city tax records from 2022.

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 one DOB violation, $2,500 in ECB penalties, and $2,600 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 14, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 36 commercial properties representing 98,860 square feet of the 227,634 square feet. The largest owner is Nelson Management Group, followed by Hirshmark Capital and then Dorian Pietraru.
On the tax block, there were two new building construction projects totaling 12,611 square feet. The largest is a 10-unit, 7,618 square-foot residential (R-2) building submitted by Alex Mubarez with plans filed March 20, 2017 and permitted February 6, 2019. The second largest is a seven-unit, 4,993 square-foot residential (R-2) building submitted by Daniel Mayer and filed by 36th Street Astoria Llc with plans filed June 18, 2024 and it has not been permitted yet.

The majority, or 58 percent of the 227,634 square feet of built space are walkup buildings, with elevator buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Hirshmark Capital owned at least six commercial properties with 36 residential units in New York City with 52,793 square feet and a city-determined market value of $11.3 million. (Market value is typically about 50% of actual value.) The portfolio has $9.3 million in debt, borrowed from Northeast Bank. Within the portfolio, the bulk, or 39 percent of the 52,793 square feet of built space are office properties, with walkup properties next occupying 29 percent of the space. The bulk, or 39 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.

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