Angelo Rigas pays $6.4M to AKI Development for 9-unit rental in Ditmars Steinway

Angelo Rigas through the entity Duke Capital Management LLC paid $6.4 million to AKI Development through the entity 23-67 31st Jv LLC for nine-unit residential elevator building (D7) at 23-67 31st Street in Ditmars Steinway, Queens.
The deal closed on September 1, 2022 and was recorded on September 12, 2022. The property has 7,634 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $838 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 December 18, 2015, for $900,000. The signatory for AKI Development was Halil Todic. The signatory for Angelo Rigas was Angelo Rigas.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Angelo Rigas purchased 10 properties in one transaction for a total of $22.5 million and has no record it sold any properties over the past 24 months.
The seller AKI Development had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Halil Todic, head officer and Antonios Fiorentinos, shareholder. The business entities are Greeknoak Property Management and 23-67 31st Jv Llc.

The property

The 23-67 31st Street parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $1.1 million.

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

For the tax lot building, it received its initial certificate of occupancy on November 28, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the 41 commercial properties representing 136,951 square feet of the 246,145 square feet. The largest owner is Yiannis Konstantinidis, followed by Ilias Theotokas and then John Panagiotopoulos.
There are two active new building construction projects totaling 91,267 square feet. The largest is a 52-unit, 83,658-square-foot R-2 building developed by Gandolfo Difiore with plans filed March 15, 2021 and it has not been permitted yet.The second largest is a 10-unit, 7,609-square-foot R-2 building developed by John Alexiou with plans filed March 29, 2012 and permitted April 28, 2017.

the majority, or 40 percent of the 236,242 square feet of built space are office buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that AKI Development owned at least one commercial property in New York City with 26,047 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Angelo Rigas owned at least 10 commercial properties in New York City with 63,104 square feet and a city-determined market value of $10.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 63,104 square feet of built space are P9 properties, with A9 properties next occupying 2 percent of the space. They are all located in Brooklyn.

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