$6M note secured by three 40-unit Astoria walkups sold

ASLD Realty through the entity CI Steinway LLC bought a note with an original principal of $6 million from FourLeaf Federal Credit Union secured by Angela Sportelli’s 40-unit walkup building (C7) at 25-02 Steinway Street, 40-unit walkup building (C7) at 25-22 Steinway Street, and 40-unit walkup building (C7) at 25-12 Steinway Street in Astoria, Queens.
The deal closed on March 25, 2025 and was recorded on April 7, 2025. The prior lender was FourLeaf Federal Credit Union which held debt that had an original loan amount of $6 million.The three properties have 90,556 square feet of built space and 10,313 square feet of additional air rights for a total buildable of 100,890 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $zero and the price per buildable square foot is $zero 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 Angela Sportelli was Angela Sportelli. Steve Hackel’s ASLD Realty buys notes under the name CI Notes LLC by attorney Harry Zubli.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 25-02 Steinway Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Nicholas Sportelli, head officer and Pasquale Sportelli, shareholder. The business entity is Flavio Realty Corp. Out of the three properties, two with a total of 90,556 square feet of built space generated revenue of $1.4 million per year.

The property

The residential walkup building with 40 residential units in Astoria has 90,556 square feet of built space and 10,313 square feet of additional air rights for a total buildable of 100,890 square feet according to a PincusCo analysis of city data. The parcel has frontage of 118 feet and is 95 feet deep with a total lot size of 11,210 square feet. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million. The most recent loan totaled $6 million and was provided by Bethpage Federal Credit Union on September 30, 2022. The property has 39 rent regulated units according to city tax records from 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received six DOB violations, 97 housing violations, and $15,980 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 the tax block of 25-02 Steinway Street, PincusCo has identified the owners of 12 of the 54 commercial properties representing 159,538 square feet of the 346,994 square feet. The largest owner is Angela Sportelli, followed by Joseph Grgas and then Hang Dong Zhang.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 346,994 square feet of built space are walkup buildings, with mixed-use buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Angela Sportelli owned at least three commercial properties with 120 residential units in New York City with 90,556 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Bethpage Federal Credit Union. Within the portfolio, all identified are walkup properties. They are all located in Queens.

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