Neel Dvivedi pays $5.8M for likely dev site in Astoria

Neel Dvivedi through the entity 30-33 29th Street Realty LLC paid $5.8 million to Rita Pennachio and Theresia Schatz through the entity Ritcar3, LLC for the two-unit walkup building (B2) at 3033 29th Street in Astoria, Queens.
The deal closed on October 3, 2022 and was recorded on October 11, 2022. The property has 2,621 square feet of built space and 20,041 square feet of additional air rights for a total buildable of 22,689 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,203 and the price per buildable square foot is $254 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 Rita Pennachio and Theresia Schatz was Rita Pennachio and Theresia Schatz. The signatory for Neel Dvivedi was Neel Dvivedi.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Neel Dvivedi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rita Pennachio had not purchased any other properties and had not sold any properties over the same time period.

The property

The 3033 29th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,563 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 193,191 square feet of the 303,229 square feet. The largest owner is NYC Department of Education, followed by Pistilli Realty Group and then Metron Development.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 303,229 square feet of built space are walkup buildings, with specialty buildings next occupying 29 percent of the space.

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