Adeeb Saeidi pays $3M for mixed-use in Ditmars Steinway, Queens

Adeeb Saeidi through the entity 2235 Group LLC paid $3 million to Spiro Aronis through the entity Aronis, George for three-unit mixed-use building (S3) at 22-35 31st Street in Ditmars Steinway, Queens.
The deal closed on January 24, 2023 and was recorded on January 30, 2023. The property has 2,680 square feet of built space and 9,693 square feet of additional air rights for a total buildable of 12,375 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,100 and the price per buildable square foot is $238 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 Spiro Aronis was Spiro Aronis and George Aronis. The signatory for Adeeb Saeidi was Adeeb Saeidi.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Adeeb Saeidi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Spiro Aronis had not purchased any other properties and had not sold any properties over the same time period.

The property

The 22-35 31st Street parcel has frontage of 25 feet and is 164 feet deep with a total lot size of 4,125 square feet. The lot is irregular. 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 $574,700.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Ditmars Steinway, the bulk, or 41 percent of the 11.1 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Ditmars Steinway has had very little sales volume relative to other neighborhoods with $98 million in sales volume in the last two years. For development, Ditmars Steinway has near average amount of major developments among other neighborhoods and is the 8th highest in Queens. It had 984,524 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 37 commercial properties representing 82,106 square feet of the 208,197 square feet. The two identified owners are Vescovo and Jenel Management.
On the tax block, there were three new building construction projects totaling 133,774 square feet. The largest is a zero-unit, 61,366-square-foot M building developed by Sam Dushey with plans filed October 7, 2022 and it has not been permitted yet.The second largest is a N/A-unit, 61,366-square-foot M building developed by Sam Dushey with plans filed January 9, 2019 and permitted August 9, 2021.

The majority, or 43 percent of the 208,197 square feet of built space are retail buildings, with mixed-use buildings next occupying 39 percent of the space.

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