LMXD pays $6.5M to long-time owners for dev site in Astoria

The L+M Development Partners’ affiliate LMXD through the entity Inoq E2 Acquisition LLC paid $6.5 million to Joseph Klyde through the entity Alfess Realty, L.L.C. for the industrial building (E1) at 35-10 43rd Street in Astoria, Queens and retail building (K1) at 35-18 43rd Street in Astoria, Queens. The expected use is ground up development.

PincusCo reported on the transaction after one of the parties recorded a memorandum of contract in December 2025.
The deal closed on March 3, 2026 and was recorded on March 10, 2026. The two properties have 10,000 square feet of built space and 80,000 square feet of additional air rights for a total buildable of 90,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $650 and the price per buildable square foot is $72 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 Joseph Klyde was Joseph Klyde. The signatory for LMXD was David Dishy . The contract date was August 20, 2024. The Klyde family has owned this property since the 1960s.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer LMXD purchased five properties in two transactions for a total of $160 million and sold one property in one transaction for a total of $17.8 million over the past 24 months.
The seller Joseph Klyde had not purchased any other properties. The two properties with a total of 10,000 square feet of built space generated revenue of $253,780 per year or $25 per square foot. The sale price per square foot was $650.

The property

The industrial building in Astoria has 10,000 square feet of built space and 80,000 square feet of additional air rights for a total buildable of 90,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The zoning is M1-5/R9-1 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $618,000.

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 one DOB violation and $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 $816.5 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 1.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were 44 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 35-10 43rd Street, PincusCo has identified the owners of five of the seven commercial properties representing 53,300 square feet of the 64,976 square feet. The largest owner is Premier Equities, followed by Heartfelt Townhouse Builders and then LMXD.
On the tax block, there were three new building construction projects totaling 201,483 square feet. The largest is a 99-unit, 89,693 square-foot residential (R-2) building submitted by Joel Weiss and filed by Joel Weiss with plans filed September 16, 2025 and it has not been permitted yet. The second largest is a 67-unit, 55,898 square-foot residential (R-2) building submitted by Joel Weiss and filed by Joel Weiss with plans filed October 24, 2025 and it has not been permitted yet.

The majority, or 56 percent of the 64,976 square feet of built space are industrial buildings, with mixed-use buildings next occupying 44 percent of the space.

The buyer

The PincusCo database currently indicates that LMXD owned at least four commercial properties in New York City with 10,000 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 60 percent of the 10,000 square feet of built space are industrial properties, with mixed-use properties next occupying 40 percent of the space. They are all located in Queens.

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