Marvan Properties pays $3.3M for LIC dev site

Marvan Properties through the entity 29th St. Queens Plaza LLC paid $3.3 million to James Tack through the entity Don-Al Partners LLC for the industrial building (F9) at 41-16 29th Street in Long Island City, Queens. The expected use is cash flowing.
The deal closed on April 27, 2026 and was recorded on May 19, 2026. The property has 3,500 square feet of built space and 9,100 square feet of additional air rights for a total buildable of 12,605 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $942 and the price per buildable square foot is $261 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 James Tack was James C. Tack . The signatory for Marvan Properties was Mario Mouzouris . The contract date was February 26, 2026.

Recent DOB activity for Marvan Properties:

• Marvan Properties by Marios Mouzouris filed plans for new building for 24,593 sqft in Astoria, Queens, on March 17, 2026.

• Marvan Properties by Marios Mouzouris filed plans for new building for 27,373 sqft in Astoria, Queens, on March 03, 2026.

• Marvan Properties by Marios Mouzouris filed plans for new building for 8,342 sqft in Long Island City, Queens, on August 29, 2025.

• Marvan Properties by Marios Mouzouris filed plans for new building for 12,039 sqft in Astoria, Queens, on May 05, 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 James Tack had not purchased any other properties and had not sold any properties over the same time period. The 3,500-square-foot property generated revenue of $47,411 or $14 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 3,500 square feet of built space and 9,100 square feet of additional air rights for a total buildable of 12,605 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 2,521 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $203,000.

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 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 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 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 211,160 square feet of the 431,470 square feet. The largest owner is Heritage Realty Partners, followed by Viking Management and then Jade Century Properties.
On the tax block, there was one new building construction project filed totaling 24,988 square feet. It is a 31-unit, 24,988 square-foot residential (R-2) building submitted by Aditya Shah and filed by Aditya Shah with plans filed September 26, 2025 and it has not been permitted yet.

The majority, or 44 percent of the 431,470 square feet of built space are office buildings, with elevator buildings next occupying 35 percent of the space.

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