Galinda Wang pays $7.3M for 40-unit walkup in Long Island City
Galinda Wang through the entity 39th Ave New York Apt., LLC paid $7.3 million to George Lambadis Inc. for the 40-unit residential walkup building (C1) at 27-08 39th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on September 11, 2025 and was recorded on September 22, 2025. The property has 25,125 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $292 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 George Lambadis Inc. was Christopher Lambadis . The signatory for Galinda Wang was Galinda Wang. The contract date was July 17, 2025.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Galinda Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller George Lambadis Inc. had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Christopher Lambadis, head officer and Lucas Vella, officer. The business entity is George Lambadis Inc. The 25,125-square-foot property generated revenue of $809,017 or $32 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 40 residential units in Long Island City has 25,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 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 $2.9 million. The property has 8 rent regulated units according to city tax records from 2023.
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 $100 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 block
On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 60,599 square feet of the 72,319 square feet. The largest owner is Issta Group, followed by George Lambadis Inc. and then Konstandinos Vorillas.
On the tax block, there were four new building construction projects totaling 87,292 square feet. The largest is a 46-unit, 52,469 square-foot residential (R-2) building submitted by Gus Vorillas and filed by Gus Vorillas with plans filed September 16, 2019 and permitted October 20, 2022. The second largest is a 13-unit, 16,330 square-foot residential (R-2) building submitted by Wei Ma with plans filed September 2, 2025 and it has not been permitted yet.
The majority, or 42 percent of the 72,319 square feet of built space are walkup buildings, with hotel buildings next occupying 39 percent of the space.
The seller
The PincusCo database currently indicates that George Lambadis Inc. owned at least one commercial property with 40 residential units in New York City with 25,125 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.
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