Neel Dvivedi signs $16.7M refi loan with Trevian Capital for newly built 33-unit rental in Astoria

Neel Dvivedi through the entity 30-33 29th Street Realty LLC as borrower signed a refi loan with lender Trevian Capital through the entity Tc Cf I LLC valued at $16.7 million for the 33-unit residential elevator building (D1) at 30-33 29th Street in Astoria, Queens.

On the lot, there was a new building construction project, Q00817126, for a 33-unit, 22,410 square-foot residential (R-2) building. The project was submitted by Neel Dvivedi and filed by Neel Dvivedi with plans filed January 23, 2023 and permitted April 26, 2024.
The deal closed on November 12, 2025 and was recorded on November 26, 2025. The property has 30,691 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $544 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 owner bought the property on October 3, 2022, for $5.8 million. The signatory for Neel Dvivedi was Neel Dvivedi. The signatory for Trevian Capital was Michael Hoffenberg .

Prior sales and revenue

The 30,691-square-foot property generated revenue of $1 million or $34 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 33 residential units in Astoria has 30,691 square feet of built space according to a PincusCo analysis of city data. The 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 $1.5 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 $7,560 in ECB penalties and $8,810 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of nine of the 20 commercial properties representing 207,891 square feet of the 303,229 square feet. The largest owner is City Of New York, followed by Metron Development and then Pistilli Realty Group.
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 permitted April 26, 2024.

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.

The borrower

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.

Direct link to Acris document. link