Y5 Partners pays $4.6M for 9-unit walkup in Astoria

Y5 Partners, an investment firm, through the entity 1810 Partners LLC paid $4.6 million to J.H Loewy Development through the entity 18-10 Astoria Blvd, LLC for the nine-unit residential walkup building (C1) at 18-10 Astoria Boulevard in Astoria, Queens. The expected use is cash flowing.
The deal closed on January 27, 2025 and was recorded on January 31, 2025. The property has 7,806 square feet of built space and 200 square feet of additional air rights for a total buildable of 8,004 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $589 and the price per buildable square foot is $574 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 J.H Loewy Development was Bruce Loewy. The signatory for Y5 Partners was Jonathan Snider and David Kashen. The contract date was October 17, 2024. Jonathan Snider signed the loan documents, and David Kashen signed the transfer documents.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Y5 Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller J.H Loewy Development had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Bruce Loewy, head officer. The business entity is 18-10 Astoria Blvd Llc.

The property

The residential walkup building with 9 residential units in Astoria has 7,806 square feet of built space and 200 square feet of additional air rights for a total buildable of 8,004 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 160 feet deep with a total lot size of 4,002 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million. The property has 8 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 $50 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 23 commercial properties representing 98,605 square feet of the 175,222 square feet. The largest owner is Anela Radoncic, followed by Bruce Loewy and then Mordechai Schwimmer.
On the tax block, there were two new building construction projects totaling 60,782 square feet. The largest is a 49-unit, 33,786 square-foot residential (R-2) building submitted by Mordechai Schwimmer and filed by Mordechai Schwimmer with plans filed March 28, 2022 and permitted May 9, 2022. The second largest is a 36-unit, 26,996 square-foot residential (R-2) building submitted by Refik Radoncic and filed by Refik Radoncic with plans filed February 9, 2022 and permitted May 14, 2022.

The majority, or 42 percent of the 175,222 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Y5 Partners owned at least one commercial property with six residential units in New York City with 5,508 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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