Luxstone Partners pays $9.5M to Barlis family for 50-unit walkup in Sunnyside

Luxstone Partners through the entity 41-48 40th Sunnyside LLC paid $9.5 million to the Barlis family through the entity Conscious Affluent Real Estate LLC for the 50-unit residential walkup building (C7) at 41-48 40th Street in Sunnyside, Queens. The expected use is cash flowing.
The deal closed on June 26, 2025 and was recorded on July 9, 2025. The property has 35,000 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 40,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $271 and the price per buildable square foot is $237 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 the Barlis famil was Kalliope Barlis . The signatory for Luxstone Partners was Joshua Stein. The contract date was April 2, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Luxstone Partners purchased three properties in one transaction for a total of $13.8 million and has no record it sold any properties over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Kalliope Barlis, head officer and Baco Ivezaj, site manager. The business entity is Conscious Affluent Real Estate Llc Holding Seriesa. The 35,000-square-foot property generated revenue of $653,176 or $19 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 50 residential units in Sunnyside has 35,000 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 40,000 square feet 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 R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 million. 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 two DOB violations, 26 housing violations, $1,155 in OATH penalties, and one housing litigation 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 two of the five commercial properties representing 97,500 square feet of the 146,900 square feet. The two identified owners are Goldy Rabinowitz and Dmitry-Daniel Figotin.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 146,900 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

The buyer

The PincusCo database currently indicates that Luxstone Partners owned at least three commercial properties with 24 residential units in New York City with 19,372 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) The portfolio has $9 million in debt, borrowed from Walker & Dunlop. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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