America Realty pays $11.6M for 59-unit elevator building in Ditmars Steinway

America Realty through the entity Amorani Park View LLC paid $11.6 million to Matthew J. Quinn through the entity 23-06 21st Street Realty LLC for 59-unit residential elevator building at 23-06 21st Street in Ditmars Steinway, Queens.
The deal closed on January 27, 2022 and was recorded on February 7, 2022.
The property has 50,100 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $231 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 September 26, 2007, for $2.6 million.
The signatory for Matthew J. Quinn was Matthew J. Quinn. The signatory for America Realty was Ilias Theodoropoulos.
Prior to this transaction, the buyer America Realty had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Matthew J. Quinn had not purchased any other properties and had not sold any properties over the same time period.
The 50,100-square-foot property generated revenue of $756,922 or $15 per square foot, according to the most recent income and expense figures.

Ilias Theodoropolous is managing member of America Realty. https://www.linkedin.com/in/ilias-theodoropoulos-8915a65/ Matthew Quinn owns one other apartment building, which is located in Jamaica, according to a PincusCo analysis of property records.
In Ditmars Steinway, the bulk, or 50 percent of the 23.2 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 20 percent of the space. In sales, Ditmars Steinway has near average sales volume among other neighborhoods with $237.3 million in sales volume in the last two years and is the 5th highest in Queens. For development, Ditmars Steinway has near average amount of major developments among other neighborhoods and is the 9th highest in Queens. It had 894,447 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 77 percent of the 218,068 square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 23 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Matthew Quinn, head officer and Jimmy Xhaja, site manager. The business entity is 23-06 21st Street Realty Llc.
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