Luxstone Partners pays $8M for 31-unit walkup in Jackson Heights

Luxstone Partners through the entity 35-63 90th JH LLC paid $8 million to Gavin family through the entity M & O Estates, Inc. for the 31-unit residential walkup building (C7) at 35-63 90th Street in Jackson Heights, Queens. The expected use is cash flowing.
The deal closed on February 6, 2026 and was recorded on February 17, 2026. The property has 34,470 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $232 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 Beatrice Gavin and Orlando Gavin was Beatrice Gavin. The signatory for Luxstone Partners was Joseph Stein . The contract date was October 10, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Luxstone Partners purchased four properties in two transactions for a total of $23.3 million and has no record it sold any properties over the past 24 months.
The seller Beatrice Gavin 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 Beatrice Gavin, head officer and Agron Veseli, site manager. The business entity is M&O Estates, Inc.

The property

The residential walkup building with 31 residential units in Jackson Heights has 34,470 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.5 million.

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 $325 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

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

The majority, or 96 percent of the 67,550 square feet of built space are walkup buildings, with retail buildings next occupying 4 percent of the space.

The buyer

The PincusCo database currently indicates that Luxstone Partners owned at least four commercial properties with 74 residential units in New York City with 54,372 square feet and a city-determined market value of $14.9 million. (Market value is typically about 50% of actual value.) The portfolio has $16.6 million in debt, borrowed from Walker & Dunlop and Derby Copeland Capital. Within the portfolio, all identified are walkup properties. The bulk, or 64 percent of the built space, is in Queens, with Manhattan next at 36 percent of the space.

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