Neel Dvivedi plans 33-unit building in Astoria, paid $5.8M for site

Neel Dvivedi submitted a new building construction project for a 33-unit, 22,410 square-foot residential (R-2) building at 30-33 29th Street in Astoria, Queens. The plan was filed with the New York City Department of Buildings on January 23, 2023 under job number Q00817126. It calls for the construction of a seven-story building. The project is described in the filing as: new building. The architect is Z Architecture PLLC.

The property

The property with 2 residential units in Astoria 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 a PincusCo analysis of city data. The property is owned by Neel Dvivedi. The parcel has two buildings with 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.

Prior sales and revenue

This property was sold by Rita Pennachio and Theresia Schatz for $5.8 million to Neel Dvivedi on October 3, 2022.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has near average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 3rd highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

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 George Cheng, followed by Georgia Fotopoulos Of Margaret Fotopoulos and then Josip Milohnic. On the tax block, there was one new building construction project filed totaling 22,410 square feet. It is a 33-unit, 22,410 square-foot residential (R-2) building submitted by Neel Dvivedi and filed by Neel Dvivedi with plans filed January 23, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Neel Dvivedi owned at least one commercial property with two residential units in New York City with 2,621 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single B2 property. It is located in Queens.

The surrounding

Within a 400-foot radius of 30-33 29 Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 10, 2022 for the $1.4 million renovation of 10,455-square-foot residential (R-2) building with 10 residential units at 29-34 30th Avenue. One of those three items was a sale which Metron Development bought the 34,500-square-foot, 45-unit rental (C1) on 30-47 29th Street for $11.2 million from Theresia Schatz on October 14, 2021. One of those three items was a loan which Pistilli Realty Group borrowed $7.6 million from New York Community Bank secured by the 41,000-square-foot, 60-unit rental (D1) on 30-56 30th Street on December 20, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.