Neel Dvivedi pays $9.85M to AMCC Corp. for dev site in Long Island City

Neel Dvivedi paid $9.85 million to AMCC Corp. for a two-parcel development site in Long Island City, Queens, in two transactions. New York City Department of Buildings applications have been filed to demolish both buildings.

In the first, Neel Dvivedi through the entity Op Vernon LLC paid $5.95 million to AMCC Corp. through the entity 50-18 Realty Corp. for the industrial building (E2) at 50-16 Vernon Boulevard in Long Island City, Queens.
The deal closed on June 17, 2026 and was recorded on June 25, 2026. The property has 10,000 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $590 and the price per buildable square foot is $393 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.)

In the second, Neel Dvivedi through the entity Op Vernon LLC paid $3.9 million to AMCC Corp. through the entity 5014 Vernon Realty LLC for the two-unit mixed-use building (S2) at 50-14 Vernon Boulevard in Long Island City, Queens.
The deal closed on June 17, 2026 and was recorded on June 25, 2026. The property has 4,850 square feet of built space and 2,650 square feet of additional air rights for a total buildable of 7,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $814 and the price per buildable square foot is $526 per the PincusCo analysis.

The signatory for AMCC Corp. was Charles Marino . The signatory for Neel Dvivedi was Neel Dvivedi. The contract date was July 29, 2025. AMCC Corp. is a contracting company located at this address.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Neel Dvivedi had purchased any other properties and sold one property in one transaction for a total of $2.6 million over the past 24 months.
The seller AMCC Corp. had not purchased any other properties and had not sold any properties over the same time period. The 10,000-square-foot property generated revenue of $222,900 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 10,000 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 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 $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 $620 in ECB penalties 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 3.2 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 7th 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 13 of the 27 commercial properties representing 93,420 square feet of the 142,634 square feet. The largest owner is Shahram Nassi, followed by Lisa Levy and then Ioannis Likidis .
On the tax block, there were two new building construction projects totaling 40,495 square feet. The largest is a 27-unit, 25,502 square-foot residential (R-2) building submitted by Neel Dvivedi and filed by Neel Dvivedi with plans filed March 21, 2026 and it has not been permitted yet. The second largest is a six-unit, 14,993 square-foot residential (R-2) building submitted by Lenny Vays with plans filed March 3, 2021 and permitted April 5, 2021.

The majority, or 47 percent of the 142,634 square feet of built space are mixed-use buildings, with walkup buildings next occupying 16 percent of the space.

The buyer

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 PincusCo-determined asset value of $22.2 million. The portfolio has $16.7 million in debt, borrowed from Trevian Capital . The portfolio consists of at least a single D1 property.

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Direct link to Acris document. link