Panagiota Angelopoulos pays $2.9M for industrial in Long Island City

Panagiota Angelopoulos through the entity 8 Bay LLC paid $2.9 million to the family of the late Andrew F. Vinciquerra through the entity 1029 46 Rd Realty LLC for the industrial building (G2) at 10-29 46th Road in Long Island City, Queens.
The deal closed on May 23, 2025 and was recorded on June 9, 2025. The property has 5,000 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 10,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $580 and the price per buildable square foot is $290 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 Andrew F. Vinciquerra was Andi Vinciquerra. The signatory for Panagiota Angelopoulos was Panagiota Angelopoulos. The contract date was May 14, 2025. Andrew Vinciquerra died May 31, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Panagiota Angelopoulos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Andrew F. Vinciquerra had not purchased any other properties and had not sold any properties over the same time period. The 5,000-square-foot property generated revenue of $109,069 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 5,000 square feet of built space and 5,000 square feet of additional air rights for a total buildable of 10,000 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 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 $688,000.

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 3.7 times the average sales volume among other neighborhoods with $993.2 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 15 commercial properties representing zero square feet of the 114,970 square feet. The identified owner is Matthew Alexander Yang.
On the tax block, there was one new building construction project filed totaling 55,924 square feet. It is a 44-unit, 55,924 square-foot residential (R-2) building submitted by Jim Yang with plans filed August 24, 2020 and permitted June 3, 2022.

The majority, or 81 percent of the 114,970 square feet of built space are industrial buildings, with mixed-use buildings next occupying 13 percent of the space.

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