Battista Marrelli pays $3.3M for 7-unit walkup in Astoria

Battista Marrelli through the entity 8117 Holdings, L.L.C. paid $3.3 million to Eva Mallis through the entity Astoria36 LLC for the seven-unit residential walkup building (C7) at 37-02 31st Avenue in Astoria, Queens.
The deal closed on April 30, 2024 and was recorded on May 14, 2024. The property has 5,415 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $609 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 August 4, 2014, for $2.5 million. The signatory for Eva Mallis was Eva Mallis. The signatory for Battista Marrelli was Battista Marrelli. The contract date was January 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Battista Marrelli had purchased any other properties and sold two properties in one transaction for a total of $2.7 million over the past 24 months.
The seller Eva Mallis 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 Eva Mallis, head officer and Fernando Bolivar, site manager. The business entity is Astoria36 Llc.

The property

The residential walkup building with seven residential units in Astoria has 5,415 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 78 feet deep with a total lot size of 1,481 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 $1.3 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 $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 11 of the 37 commercial properties representing 124,769 square feet of the 272,394 square feet. The largest owner is Vasilos Miliopoulos, followed by Samson Management and then Michael Prete.
On the tax block, there were two new building construction projects totaling 30,617 square feet. The largest is a 39-unit, 25,618 square-foot residential (R-2) building submitted by Azimuth Development Group and filed by Guido Subotovsky with plans filed September 22, 2016 and it has not been permitted yet. The second largest is a seven-unit, 4,999 square-foot residential (R-2) building submitted by Matthew Schwartz with plans filed November 9, 2016 and permitted July 22, 2019.

The majority, or 42 percent of the 272,394 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

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