Witnick Real Estate Partners pays $20.7M to Fairstead for 65-unit rental in Astoria

Witnick Real Estate Partners through the entity 30-50 21st Street Property LLC paid $20.7 million to Fairstead through the entity 30-50 21st Street Delaware Owner LLC for the 65-unit residential elevator building (D1) at 30-50 21st Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on December 1, 2025 and was recorded on December 5, 2025. The property has 59,247 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $349 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 property on June 1, 2015, for $32.6 million. The signatory for Fairstead was Jeffrey Goldberg . The signatory for Witnick Real Estate Partners was Ariya M. Waxman . The contract date was October 22, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Witnick Real Estate Partners purchased three properties in three transactions for a total of $54 million and sold one property in one transaction for a total of $18 million over the past 24 months.
The seller Fairstead purchased 154 properties in one transaction for a total of $23.3 million and sold two properties in two transactions for a total of $81.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jennifer Lau, head officer and William Martin, site manager. The business entities are Fairstead Management Llc and 30-50 21 Street Delaware Owner Llc. The 59,247-square-foot property generated revenue of $1.9 million or $32 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 65 residential units in Astoria has 59,247 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 147 feet and is 100 feet deep with a total lot size of 14,700 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2014 and expires in 2029. The city-designated market value for the property in 2022 is $8 million. The property has 63 rent regulated units according to city tax records from 2023.

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 four housing violations and $1,030 in OATH 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 block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 146,194 square feet of the 184,248 square feet. The largest owner is George Tsilogiannis, followed by Fairstead and then Ioannis E. Bouratoglou.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 184,248 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Fairstead owned at least 255 commercial properties with 7,085 residential units in New York City with 6,411,755 square feet and a city-determined market value of $754.6 million. (Market value is typically about 50% of actual value.) The portfolio has $641.9 million in debt, with top three lenders as NewPoint Real Estate Capital, Merchants Capital, and Greystone & Co. respectively. Within the portfolio, the bulk, or 70 percent of the 6,411,755 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 37 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.

The buyer

The PincusCo database currently indicates that Witnick Real Estate Partners owned at least 38 commercial properties with 788 residential units in New York City with 598,240 square feet and a city-determined market value of $163.6 million. (Market value is typically about 50% of actual value.) The portfolio has $153.6 million in debt, with top three lenders as Arbor Realty Trust, Dime Community Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 66 percent of the 598,240 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. The bulk, or 45 percent of the built space, is in Manhattan, with Brooklyn next at 42 percent of the space.

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