AMD Holdings pays $10M for 58-unit walkup in Astoria

Alexander Musso’s AMD Holdings through the entity 25-19 30th Drive LLC paid $10 million to Bubaris Enterprises for the 58-unit residential walkup building (C1) at 25-19 30th Drive in Astoria, Queens.
The deal closed on January 25, 2024 and was recorded on February 2, 2024. The property has 46,000 square feet of built space and 25,122 square feet of additional air rights for a total buildable of 71,100 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $217 and the price per buildable square foot is $140 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 signatories for Bubaris Enterprises were George J. Bubaris and James G. Bubaris. The signatory for AMD Holdings was Alexander Musso. The contract date was November 27, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer AMD Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller George J. Bubaris had not purchased any other properties and sold one property in one transaction for a total of $4.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes James Bubaris, head officer and Refik Loncarevic, site manager. The business entity is Bubaris Enterprises Llc.

The property

The residential walkup building with 58 residential units in Astoria has 46,000 square feet of built space and 25,122 square feet of additional air rights for a total buildable of 71,100 square feet according to a PincusCo analysis of city data. The parcel has frontage of 166 feet and is 142 feet deep with a total lot size of 23,700 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.3 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 two housing violations and $50 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 this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 316,710 square feet of the 420,062 square feet. The largest owner is Pinnacle Group, followed by Perry Moradof and then JRC Management.
On the tax block, there was one new building construction project filed totaling 13,774 square feet. It is a 20-unit, 13,774 square-foot residential (R-2) building submitted by Amit Veeramachaneni with plans filed April 12, 2018 and permitted December 2, 2020.

The majority, or 58 percent of the 420,062 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

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