Anthony Grigos, Basil Capetanakis pay $2.6M for 16-unit walkup in Ridgewood

Anthony Grigos and Basil Capetanakis through the entity 1812 Basil Menahan Realty LLC paid $2.6 million to Israel Valentin through the entity Suite Sixteen Realty Corp for the 16-unit residential walkup building (C1) at 18-12 Menahan Street in Ridgewood, Queens.
The deal closed on February 24, 2023 and was recorded on March 7, 2023. The property has 13,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $191 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 April 30, 2013, for $1.8 million. The signatory for Israel Valentin was Israel Valentin. The signatory for Anthony Grigos and Basil Capetanakis was Anthony K. Grigos and Basil Capetanakis.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anthony Grigos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Israel Valentin 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 Israel Valentin, head officer and Edwin Valentin, site manager. The business entity is Suite Sixteen Realty Corp. The 13,600-square-foot property generated revenue of $270,056 or $20 per square foot, according to the most recent income and expense figures.

The property

The 18-12 Menahan Street parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,005 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.The most recent loan totaled 0.0 and was provided by Hirshmark Capital on November 15, 2021.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1.4 million commercial foreclosure concerning a loan filed on June 16, 2022, by Hirshmark Capital against Israel Valentin. In addition, according to city public data, the property has received eight housing violations and $450 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 18,475 square feet of the 61,275 square feet. The two identified owners are Suite Sixteen Realty and Rose Rienzo.
On the tax block, there was one new building construction project filed totaling 4,997 square feet. It is a six-unit, 4,997-square-foot R-2 building developed by Jian Le Huang with plans filed May 11, 2016 and permitted March 24, 2021.

The majority, or 73 percent of the 61,275 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

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