LIC Lot Sells for $12M 3 Days After DOB Clears Its Demolition
The seller paid $7M for the lot in 2016. Zoning allows about 20,000 square feet, more than four times the 4,750 square feet standing.
Vernon Fee Holdings LLC paid $12 million for 10-11 46th Avenue in Long Island City, a deed recorded Sept. 18, three days after DOB issued the first permit for a full demolition of the two-story building on the lot, per ACRIS and DOB NOW.
Why it matters
The demolition job, Q01408350-I1, was filed June 4 while FPR Property Holdings LLC still owned the lot, 106 days before the deed was recorded. DOB approved the plans July 27 and issued the first permit Sept. 15. The buyer therefore closed on a lot with a clearance permit already in hand. A $25 million mortgage from Levon NY Vernon XXVI LLC was recorded the same day, 208% of the price. The record does not say what the extra $13 million is for, and we do not guess.
The numbers
The deed puts the price at $12,000,000, or $2,400 per square foot of the 5,000 square foot lot. PLUTO shows the lot zoned M1-3A/R7A with residential FAR of 4.0, so up to 20,000 square feet could be built, about $600 per buildable square foot. The building now standing holds 4,750 square feet, a FAR of 0.95, and was built in 1931. The $25,000,000 mortgage and its assignment of leases both run from Vernon Fee Holdings to Levon NY Vernon XXVI LLC.
The seller bought in a deed recorded Jan. 5, 2016 for $7,000,000 from LNT 5th St LLC and LAC 5th Street LLC. The resale is $5,000,000, or 71%, above that price after about 10.7 years. The DOB filing lists Adroit Engineering PLLC as applicant, Advanced Builders Services as filing representative, and an individual, Shimon Kleinman, as owner, with an initial cost of $10,000. The records do not show who controls either LLC, so we do not say.
What’s next
Watch for a new-building filing on the lot, the demolition’s completion sign-off, and any further assignments of the $25 million loan. For more Queens and Brooklyn deeds read against DOB filings, see the New York market page.
On the record
What we checked ourselves, and where you can check it too.
- Public recordACRIS deed 2026091600685002, recorded Sept. 18, 2026, conveys 10-11 46th Avenue (block 49, lot 5) from FPR Property Holdings, LLC to Vernon Fee Holdings LLC for $12,000,000. A $25,000,000 mortgage (2026091600685005) from Vernon Fee Holdings to Levon NY Vernon XXVI LLC was recorded the same day, 208% of the price, with a matching assignment of leases.View the record on a836-acris.nyc.gov
- Our dataDOB NOW job Q01408350-I1, a full demolition of a two-story building with 2 dwelling units, was filed June 4, 2026, 106 days before the deed was recorded. Plans were approved July 27 and the first permit issued Sept. 15, three days before recording. The filing lists 4,750 square feet and an initial cost of $10,000.View the record on a810-dobnow.nyc.gov
- Public recordFPR Property Holdings bought the lot for $7,000,000 in a deed recorded Jan. 5, 2016 (2015121600815004). The $12,000,000 resale is $5,000,000, or 71%, above that price after about 10.7 years. PLUTO lists a 5,000 square foot lot with residential FAR of 4.0, or 20,000 buildable square feet against 4,750 built.View the record on a836-acris.nyc.gov
Sources
- NYC ACRIS, deed document 2026091600685002Deed recorded Sept. 18, 2026, FPR Property Holdings, LLC to Vernon Fee Holdings LLC, amount $12,000,000
- NYC ACRIS, mortgage document 2026091600685005Mortgage, Vernon Fee Holdings LLC to Levon NY Vernon XXVI LLC, amount $25,000,000
- NYC ACRIS, deed document 2015121600815004Deed recorded Jan. 5, 2016, LNT 5th St LLC and LAC 5th Street LLC to FPR Property Holdings LLC, amount $7,000,000
- NYC DOB NOW Build filings, job Q01408350-I1Full demolition of a two-story building, filed June 4, 2026, first permit Sept. 15, 2026
- NYC PLUTO, BBL 40004900055,000 sq ft lot, zoned M1-3A/R7A, residential FAR 4.0, built FAR 0.95