Michael Mayer pays $2.6M for 7-unit walkup in Astoria

Michael Mayer through the entity 14th Street Astoria LLC paid $2.6 million to Neel Dvivedi through the entity 30-26 LLC for the seven-unit residential walkup building (C1) at 30-26 14th Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on May 22, 2025 and was recorded on June 2, 2025. The property has 5,771 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $459 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 seller bought the property on June 28, 2016, for $995,000. The signatory for Neel Dvivedi was Anthony Simari . The signatory for Michael Mayer was Michael Mayer. The contract date was March 3, 2025. Michael Mayer is affiliated with A&P Arafin Co., the Great Neck-based jewelry wholesaler.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Mayer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Neel Dvivedi had not purchased any other properties and had not sold any properties over the same time period. The 5,771-square-foot property generated revenue of $204,351 or $35 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 7 residential units in Astoria has 5,771 square feet of built space 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 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 $80 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 22, 2021. 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 three of the 11 commercial properties representing 44,059 square feet of the 75,912 square feet. The largest owner is Fozan Pirzada, followed by Anand Jailall and then Balanced Living Development.
On the tax block, there were three new building construction projects totaling 49,905 square feet. The largest is a 38-unit, 31,743 square-foot residential (R-2) building submitted by Antonios Fiorentinos and filed by Antonios Fiorentinos with plans filed November 13, 2015 and it has not been permitted yet. The second largest is a 15-unit, 14,802 square-foot residential (R-2) building submitted by Michael Tsoumpas with plans filed March 27, 2020 and permitted July 19, 2022.

The majority, or 63 percent of the 75,912 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Neel Dvivedi owned at least one commercial property with 33 residential units in New York City with 2,621 square feet and a city-determined market value of $1.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single D1 property. It is located in Queens.

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