Rovindranth Tiwary Acquires Retail Condo From Alex Kostovetsky For $1,250,000 In Long Island City
5-01 47th Road
$1,250,000
$566/SF
Building Size
2,208 SF
Asset Type
Retail
Closing
Aug 28, 2026
About this deal
AI
A net-leased corner retail condo located at 5-01 47th Road in Long Island City has been sold for $1,250,000. The property spans 2,208 square feet, resulting in a price per square foot of $566. It is currently occupied by Fred Astaire Dance Academy under a long-term lease extending through 2034.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,250,000
- Address: 5-01 47th Road
- Market: Long Island City
- Square Footage: 2,208
- Price Per Square Foot: $566
- Buyer: Rovindranth Tiwary
- Seller: Alex Kostovetsky
- Broker Representatives: Scott Plasky & William Stephan - Marcus & Millichap
This transaction involved Rovindranth Tiwary as the buyer, acquiring the property from seller Alex Kostovetsky. The brokers facilitating the deal were Scott Plasky and William Stephan from Marcus & Millichap. Interested parties can reach out to the broker for similar NYC retail and retail condo products.
Players
Long Island City Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Deal FAQ
About $566 per square foot on a published $1.3M for 2,208 square feet (2026).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.69%
Cash-on-Cash
-3.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93