Lincoln Xia pays $2.3M to WhiteStar Advisors for industrial in Long Island City

Lincoln Xia through the entity RMX Azure LLC paid $2.3 million to WhiteStar Advisors through the entity Thomas Seay Realty LLC for the industrial building (E1) at 5-28 51st Avenue in Long Island City, Queens.
The deal closed on January 30, 2026 and was recorded on February 11, 2026. The property has 3,800 square feet of built space and 1,200 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $611 and the price per buildable square foot is $465 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 3, 2017, for $3.8 million. The signatory for WhiteStar Advisors was James E. Bishop . The signatory for Lincoln Xia was Lincoln Xia. The contract date was November 10, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Lincoln Xia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller WhiteStar Advisors had not purchased any other properties and had not sold any properties over the same time period. The 3,800-square-foot property generated revenue of $116,280 or $31 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 3,800 square feet of built space and 1,200 square feet of additional air rights for a total buildable of 5,000 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 2,500 square feet. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $653,000.

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 $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 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 3.2 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 9th most active neighborhood among other neighborhoods. It had 6 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 five of the 14 commercial properties representing 35,011 square feet of the 115,398 square feet. The largest owner is Richard Schaps, followed by Josh Schuster and then Giovanna D’Amato.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 115,398 square feet of built space are industrial buildings, with walkup buildings next occupying 35 percent of the space.

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