Witnick Real Estate Partners pays $23.4M to Fairstead for 79-unit rental in Astoria

Witnick Real Estate Partners through the entity 11-15 Broadway Property LLC paid $23.4 million to Fairstead through the entity 11-15 Broadway Delaware Owner LLC for the 79-unit residential elevator building (D1) at 11-15 Broadway in Astoria, Queens. The expected use is cash flowing.
The deal closed on December 1, 2025 and was recorded on December 3, 2025. The property has 76,129 square feet of built space and 4,222 square feet of additional air rights for a total buildable of 80,424 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $307 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 seller bought the property on June 1, 2015, for $39.6 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 two properties in two transactions for a total of $30.7 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 one property in one transaction for a total of $58.5 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 11-15 Broadway Delaware Owner Llc. The 76,129-square-foot property generated revenue of $2.8 million or $36 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 79 residential units in Astoria has 76,129 square feet of built space and 4,222 square feet of additional air rights for a total buildable of 80,424 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 205 feet deep with a total lot size of 20,106 square feet. The lot is irregular. 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 2015 and expires in 2030. The city-designated market value for the property in 2022 is $12.8 million. The property has 76 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 12 housing violations and $490 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 31, 2013. 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 seven of the 11 commercial properties representing 108,523 square feet of the 178,123 square feet. The largest owner is Fairstead, followed by FA Management and then Antonis Asprou.
On the tax block, there were three new building construction projects totaling 89,659 square feet. The largest is a 51-unit, 34,095 square-foot residential (R-2) building submitted by MetroCap Partners and filed by Meshulem Twersky with plans filed August 18, 2020 and permitted December 1, 2022. The second largest is a 51-unit, 31,285 square-foot residential (R-2) building submitted by MetroCap Partners and filed by Meshulem Twersky with plans filed August 18, 2020 and permitted November 7, 2022.

The majority, or 80 percent of the 178,123 square feet of built space are elevator buildings, with industrial buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Fairstead owned at least 256 commercial properties with 7,164 residential units in New York City with 6,487,884 square feet and a city-determined market value of $769.2 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 6,487,884 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 36 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 37 commercial properties with 709 residential units in New York City with 522,111 square feet and a city-determined market value of $149 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 76 percent of the 522,111 square feet of built space are walkup properties, with elevator properties next occupying 24 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Brooklyn next at 48 percent of the space.

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