Marvan Properties pays $2.8M to Nexjen for dev site in Astoria

Marvan Properties through the entity Marvan Lots 66/67 LLC paid $2.8 million to Nexjen Real Estate through the entity Astoria Lot Owner LLC for two vacant lots (G7) with the approximate address of 24-10 31st Street Astoria, Queens. The expected use is ground up development.
The deal closed on December 17, 2025 and was recorded on January 20, 2026. The two properties have zero square feet of built space and 9,112 square feet of additional air rights for a total buildable of 9,112 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $307 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 Nexjen Real Estate was Jacob Entel . The contract date was October 28, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Marvan Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Nexjen Real Estate had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,875 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $352,000.

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 not received any significant violations 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 2.7 times the average sales volume among other neighborhoods with $850.5 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 two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 24-10 31st Street, PincusCo has identified the owners of 17 of the 35 commercial properties representing 116,952 square feet of the 189,939 square feet. The largest owner is Michael Prete, followed by James Tsempelis and then Tina Gasparre.
On the tax block, there were three new building construction projects totaling 48,196 square feet. The largest is a 25-unit, 26,326 square-foot residential (R-2) building submitted by Zhou Xu and filed by Zhou Xu with plans filed August 1, 2023 and it has not been permitted yet. The second largest is a 14-unit, 12,198 square-foot residential (R-2) building submitted by Pericles Notias and filed by Pericles Notias with plans filed March 25, 2024 and it has not been permitted yet.

The majority, or 36 percent of the 189,939 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

Direct link to Acris document. link

[google_map_for_business addresses=”28-04 31st Street QUEENS ny 11102 “]