Palwinder Singh pays $12.8M for likely dev site in LIC

Palwinder Singh (who often partners with Aditya Shah) paid $12.8 million to Antonio Restivo for a likely development site in Long Island City in two transactions.

In the first, Palwinder Singh through the entity 47th Ave LIC LLC paid $6.4 million to Antonio Restivo through the entity Island Point Properties 11, Inc. for the vacant lot (G7) at 5-31 47th Avenue in Long Island City, Queens. The expected use is ground up development.
The deal closed on April 21, 2026 and was recorded on April 29, 2026. The property has zero square feet of built space and 8,150 square feet of additional air rights for a total buildable of 8,150 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $785 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, Palwinder Singh through the entity 47th Ave LIC LLC paid $6.4 million to Antonio Restivo through the entity 5-33 Realty LLC for the vacant lot (G7) at 5-33 47th Avenue in Long Island City, Queens. The expected use is ground up development.
The deal closed on April 21, 2026 and was recorded on April 29, 2026. The property has zero square feet of built space and 8,150 square feet of additional air rights for a total buildable of 8,150 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $785 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 second property on December 6, 2010, for $750,000.

In both transactions the signatory for Antonio Restivo was Antonio Restivo. The signatory for Palwinder Singh was Palwinder Singh. The contract date was December 31, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Palwinder Singh purchased two properties in two transactions for a total of $7 million and has no record it sold any properties over the past 24 months.
The seller Antonio Restivo had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,075 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $379,000.

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 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 $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 3.3 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.5 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 14 of the 21 commercial properties representing 179,276 square feet of the 199,876 square feet. The largest owner is O’Connor Capital Partners, followed by Domain Companies and then Plaxall.
On the tax block, there was one new building construction project filed totaling 127,594 square feet. It is a 147-unit, 127,594 square-foot residential (R-2) building submitted by Domain Companies and filed by Stephen Ohnemus with plans filed December 17, 2025 and it has not been permitted yet.

The majority, or 72 percent of the 199,876 square feet of built space are elevator buildings, with mixed-use buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Palwinder Singh owned at least nine commercial properties with 49 residential units in New York City with 9,939 square feet and a PincusCo-determined asset value of $81.7 million. The portfolio has $34.5 million in debt, borrowed from Wells Fargo and S3 Capital. Within the portfolio, the bulk, or 50 percent of the 9,939 square feet of built space are industrial properties, with development properties next occupying 49 percent of the space.
The PincusCo database currently indicates that Aditya Shah owned at least nine commercial properties with 49 residential units in New York City with 9,939 square feet and a PincusCo-determined asset value of $81.7 million. The portfolio has $15.5 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 50 percent of the 9,939 square feet of built space are industrial properties, with development properties next occupying 49 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link