Astoria mixed-use on Broadway sells for $1.9M

The entity Manhattan Tos LLC, whose owner could not be determined, paid $1.9 million to Rena Martinolich through the entity 41-09 Broadway Corp. for two-unit mixed-use building (S2) at 41-09 Broadway in Astoria, Queens.
The deal closed on December 8, 2022 and was recorded on December 16, 2022. The property has 2,250 square feet of built space and 4,760 square feet of additional air rights for a total buildable of 7,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $822 and the price per buildable square foot is $264 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 Rena Martinolich was Rena Martinolich.

Prior sales and revenue

The seller Rena Martinolich had not purchased any other properties and sold one property in one transaction for a total of $2.9 million over the same time period.

The property

The 41-09 Broadway parcel has frontage of 35 feet and is 100 feet deep with a total lot size of 3,500 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 $1.1 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

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 Astoria, the bulk, or 37 percent of the 39.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.4 million 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 five of the 19 commercial properties representing 28,723 square feet of the 148,450 square feet. The largest owner is John Lekas, followed by K Anton and then Danny Chan.
On the tax block, there was one new building construction project filed totaling 2,619 square feet. It is a two-unit, 2,619-square-foot R-3 building developed by Michael Wong with plans filed January 4, 2019 and it has not been permitted yet.

The majority, or 79 percent of the 148,450 square feet of built space are walkup buildings, with office buildings next occupying 10 percent of the space.

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