ABJ pays $2.3M to Related for 2 walkups in Astoria that sold for $6.4M in 2015

The Soleimani family’s ABJ Properties paid $2.3 million to Related Companies for two residential walkup buildings in Astoria, Queens, in two transactions, that last sold in 2015 for a combined $6.4 million.

In the first transaction, ABJ Properties through the entity 32-38 Realty LLC paid $1.15 million to Related Companies through the entity Nysandy8 Brooklyn 10 LLC for the six-unit residential walkup building (C2) at 32-38 48th Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on September 17, 2025 and was recorded on September 24, 2025. The property has 5,508 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $208 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 seller bought the property on July 16, 2015, for $3.3 million. The signatory for Related Companies was Matthew Becker . The signatory for ABJ Properties was Benjamin Soleimani . The contract date was June 12, 2025.

In the second, ABJ Properties through the entity 5-16 Realty LLC paid $1.5 million to Related Companies through the entity Nysandy8 Brooklyn 12 LLC for the eight-unit residential walkup building (C1) at 5-16 47th Road in Long Island City, Queens. The expected use is cash flowing.
The deal closed on September 17, 2025 and was recorded on September 24, 2025. The property has 6,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $174 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 seller bought the property on July 16, 2015, for $3.1 million. The signatory for Related Companies was Matthew Becker . The signatory for ABJ Properties was Benjamin Soleimani . The contract date was June 12, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer ABJ Properties purchased 13 properties in 11 transactions for a total of $43.9 million and sold three properties in two transactions for a total of $16.1 million over the past 24 months.
The seller Related Companies purchased five properties in four transactions for a total of $984 million and sold 65 properties in 61 transactions for a total of $1.1 billion over the same time period. The former owners according to the Department of Housing Preservation and Development includes Dennis Ovalle, head officer and Natasha Davis, agent. The business entities are Simply Better Apartment Homes and Nysandy 8 Brooklyn 10 Llc. The 5,508-square-foot property generated revenue of $119,524 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 6 residential units in Astoria has 5,508 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,700 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million.

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 eight housing violations 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 seven of the 30 commercial properties representing 38,556 square feet of the 170,906 square feet. The largest owner is Damianos Matafias, followed by Etai Vardi and then Faro Vitale.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 170,906 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 125 commercial properties with 7,814 residential units in New York City with 19,888,618 square feet and a city-determined market value of $6.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.3 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 36 percent of the 19,888,618 square feet of built space are elevator properties, with office properties next occupying 35 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Bronx next at 13 percent of the space.

The buyer

The PincusCo database currently indicates that Abj Properties owned at least 95 commercial properties with 1,077 residential units in New York City with 1,030,610 square feet and a city-determined market value of $156.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 88 percent of the 1,030,610 square feet of built space are walkup properties, with elevator properties next occupying 9 percent of the space. The bulk, or 43 percent of the built space, is in Bronx, with Manhattan next at 33 percent of the space.

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