Xiaoping Chang pays $8M for dev site in Astoria

Xiaoping Chang through the entity 920 Main Astoria LLC paid $8 million to Maria Vissas through the entity 9-20 Main Realty, LLC for the retail building (K1) at 9-20 Main Avenue in Astoria, Queens. The expected use is ground up development.
The deal closed on October 31, 2025 and was recorded on November 17, 2025. The property has 10,744 square feet of built space and 29,425 square feet of additional air rights for a total buildable of 40,125 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $739 and the price per buildable square foot is $198 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 Maria Vissas was Maria Vissas. The signatory for Xiaoping Chang was Xiaoping Chang. The contract date was June 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xiaoping Chang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maria Vissas had not purchased any other properties and had not sold any properties over the same time period. The 10,744-square-foot property generated revenue of $337,469 or $31 per square foot, according to the most recent income and expense figures.

The property

The retail building in Astoria has 10,744 square feet of built space and 29,425 square feet of additional air rights for a total buildable of 40,125 square feet according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 179 feet deep with a total lot size of 13,375 square feet. The lot is irregular. 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 $1.8 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 $380 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 neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.8 times the average sales volume among other neighborhoods with $819 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 1.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 142,562 square feet of the 162,745 square feet. The largest owner is Daniel Group, followed by Cc & Associates Consulting Inc and then Raffaele Pepe Irrevocable Trust.
There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 162,745 square feet of built space are elevator buildings, with retail buildings next occupying 7 percent of the space.

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