Astor 14
A 22-unit ground-up condominium on a corner lot in Long Island City / Astoria, NY.
Developer: NY Preferred Development Group · 35+ years · 123 permits filed · Top 1% NY contractors (BuildZoom 122)
The Opportunity
Ground-up development of a 22-unit condominium on two adjacent corner parcels (7,500 sf total) on 14th Street, at the LIC / Astoria border — one of New York City's fastest-appreciating condo markets. R6B zoning with corner-lot bonus permits 15,000 buildable sf. Closed comps within 1–3 blocks sell at $1,143–$1,535/sf; we underwrite at $1,200–$1,269/sf — within the validated range, not the top.
Track Record
Two prior projects by the same developer closed at 92.6% ROI (The Ely, 2021) and 84.5% ROI (32 North Astoria). Same neighborhood, same playbook.
Asymmetric Risk
Construction is underwritten at $400/sf all-in (hard, soft, demo, brokerage, loan). Even in our bear case ($1,000/sf sale price) the project still nets $2.9M — ~14% annual.
Capital Protection
LP capital is returned before GP earns a dollar. Minimum 20% annual to LP, backed by the developer. Plan B: rent + refinance at ~73% LTV.
By the numbers
Twelve metrics that define the deal — from total project cost to target IRR. Numbers are pulled from the v3 investment memo.
31-15 14th Street, LIC / Astoria
Corner lot on 14th Street at the LIC / Astoria border — one of NYC's most transit-rich, fastest-appreciating residential markets.
10 min to Manhattan
Six subway lines within walking distance — N, W, 7, E, M, R. Broadway and 30 Av N/W stations within 4–6 minutes on foot. Times Square in ~17 minutes, Grand Central in ~14 minutes.
Walkability — Trulia, sample 600+ residents
Why this corner specifically
Corner lot at 14th Street — chosen for resale value, not yield-trap reasons. Surrounding inventory (Oasis, VELA, Millo, Destination) all trade at $1,000–$1,500/sf. Our 22-unit building avoids the $1,400+/mo HOA penalty of larger nearby buildings — a documented buyer preference.
The Building
A 22-unit, 6-floor condominium on two adjacent parcels totaling 7,500 sf. Italian/European finishes — developer's standard.
- Type
- New Construction Condominium
- Total Lot
- 7,500 sf · 2 parcels
- Parcel 1
- 5,000 sf · $2,600,000
- Parcel 2
- 2,500 sf · $1,500,000
- Buildable Area
- 15,000 sf (FAR 2× + corner bonus)
- Floors
- 6
- Total Units
- 22
- Average Unit Size
- ~591 sf · studio / 1BR
- Zoning
- R6B with corner-lot bonus
- Block / Lots
- Block 533, Lots 21 & 22
- Cost per buildable sf
- $273
- Finishes
- Italian / European (developer standard)
- Parking
- Not required (<24 units) — upside if added
How investors get paid
A clean three-step waterfall, a 60/40 LP-favored split, and a developer-backed 20% floor under LP returns.
Repay senior debt
Construction loan and bank obligations cleared first.
Return LP capital + preferred
Limited Partners receive principal and preferred return before GP profit.
Split residual 60 / 40
60% to LP, 40% to GP from remaining profit pool.
If realized returns to LP fall below 20% annualized, the General Partner covers the shortfall from their share of profit. LP downside is contractually protected before GP earns a dollar.
Footnote: the exact preferred-return mechanism (cumulative vs non-cumulative, current vs accrued) is being formalized in the Operating Agreement / PPM. Investors should review the final documents before committing capital.
What if the market moves?
Drag the slider to model the outcome at different sale prices. Even at $1,000/sf — 13% below the lowest closed comp — the project remains profitable.
Closed comps — within 1–3 blocks
All figures below are recorded closed sales, not asking prices. Sources: Redfin, ACRIS.
| Building ↕ | Unit ↕ | Size (sf) ↕ | Sale Price ↕ | $/sf ↓ | Closed ↕ |
|---|---|---|---|---|---|
| Oasis (31-16 21st St) | PH1B | 905 | $1,389,000 | $1535 | 2024 |
| Oasis (31-16 21st St) | PH1G | 544 | $719,000 | $1322 | 2024 |
| Oasis (31-16 21st St) | 2B | 633 | $799,000 | $1262 | 2024 |
| Oasis (31-16 21st St) | 3G | 866 | $1,060,000 | $1224 | 2024 |
| VELA (11-32 31st Ave) | 2A | 636 | $658,000 | $1035 | Dec 2024 |
| Destination (14-35 Broadway) | 2B | 630 | $652,000 | $1035 | Apr 2025 |
| Millo (14-33 31st Ave) | — | — | $845,000 | $880 | Nov 2024 |
| VELA (11-32 31st Ave) | 4C | 714 | $608,000 | $852 | Jul 2025 |
| Average $/sf (excl. outliers) | ~$1087 | ||||
Penthouses trade $1,300–$1,535/sf · First-floor units $1,035–$1,140/sf · Our target $1,200/sf average is mid-range, not optimistic.
Per-floor pricing
In a 2-year window (project completion), comparable units are expected to appreciate. Italian/European finishes — the developer's standard spec — historically command a 5–8% premium over baseline LIC inventory.
24-month path to exit
Phase 1 — Due Diligence
Phase 1 + Phase 2 environmental, title, zoning, architect plans.
Phase 2 — Land Close
Both parcels closed and recorded.
Phase 3 — Plans + Permits
DOB filing, subdivision, NB application.
Phase 4 — Foundation + Construction
8–9 months active build.
Phase 5 — Pre-construction Sales
10% deposits, contracts signed.
Phase 6 — TCO + Final Closings
Certificate of Occupancy, unit closings, LP payouts.
Where the money goes
Who's building this
NY Preferred Development Group brings 35+ years of NY real estate experience, 123 permits filed, and a BuildZoom score of 122 — top 1% of New York licensed contractors. Below are the two most recent completed projects, both in Astoria, both closed at industry-leading ROIs.
The Ely
23-10 30th Drive, Astoria
- Units
- 14
- Land Cost
- $1,350,000
- Construction @ $350/sf
- $2,940,000
- Total Project Cost
- $4,390,000
- Total Sales Revenue
- $9,100,000
- Net Profit
- $4,070,000
- Avg Sale
- $1,083/sf
32 North Astoria
30-24 32nd Street, Astoria
- Units
- 7
- Floors
- 5
- Land Cost
- $1,293,000
- Construction @ $400/sf
- $1,310,000
Astor 14 is the third project in the developer's Astoria series — same playbook, larger scale, identical underwriting discipline.
BuildZoom verification ↗How your capital is protected
Construction cost discipline
Construction is underwritten at $400/sf all-in — hard costs, soft costs, demolition, brokerage, loan costs. Cost-overrun cascade (GP first, then capital call, then dilution) is being formalized in the Operating Agreement before any LP commits capital.
Capital returned first
Per the waterfall, LP capital and preferred return are paid before GP earns any profit share.
20% minimum return — pending OA
The deal is sized to a 20% LP floor with the GP covering the shortfall from their share. Exact mechanism (cumulative vs non-cumulative, current vs accrued) is being formalized in the Operating Agreement — confirm in the final document before committing capital.
LLC structure
Investors enter as individuals or via their own LLCs/trusts. Liability is limited to invested capital. Tax pass-through via K-1.
Plan B — rent + refinance
If the condo market softens, the alternative is to lease units, establish NOI, and refinance at ~73% LTV. With >40% equity created, this returns LP capital while retaining the asset.
What could go wrong
Real estate development carries real risk. Below is a candid list of what could affect outcomes, and how we mitigate each. Most sponsors hide this section — we put it on the front page.
Several governance and structural items require formal confirmation in the Private Placement Memorandum (PPM) and Operating Agreement before any LP commits capital. These include preferred-return structure (cumulative vs non-cumulative), GP fee schedule, LP voting rights, capital-call policy, and cost-overrun cascade. We refuse to oversell.
Investor questions
29 questions — confirmed, pending, and one notable caution. We mark each so you know what's already on paper and what's still in the Operating Agreement queue.
The project is structured as an LLC. Investors can participate as individuals or through their own entities (LLCs, trusts). GP (developer) and LP (investors) co-invest: GP manages development, LP provides the majority of equity. LLC structure gives liability protection and pass-through tax treatment.
Documents
First three documents are available after email capture. PPM, Operating Agreement, and detailed financials require NDA and accreditation check.
How to invest
Request memo & deck
20-min intro call with sponsor
Review NDA-gated documents
Q&A round + diligence
Sign Subscription, wire to escrow
Talk to us
The form on the right is the canonical channel — submissions land instantly with the sponsor.
20-min intro with the sponsor — we'll walk through the deal and answer questions. Tick the box in the form below.
NY Preferred Development Group
Long Island City, NY