Bayside retail sells for $7.2M

Dora C. Gliagias and Christos Gliagias through the entity Gnva Realty LLC paid $7.2 million to Michael Virgilio through the entity Virgilio Associates LLC for the mixed-use building (K2) at 36-41 Bell Boulevard in Bayside, Queens.
The deal closed on April 11, 2024 and was recorded on April 25, 2024. The property has 12,250 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $583 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 Michael Virgilio was Michael Virgilio. The signatory for Dora C. Gliagias and Christos Gliagias was Dora C. Gliagias. The contract date was November 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Dora C. Gliagias had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Virgilio had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Bayside has 12,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 124 feet and is 101 feet deep with a total lot size of 13,199 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 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 one DOB violation 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 neighborhood

In Bayside, The bulk, or 42 percent of the 6.8 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has had very little sales volume relative to other neighborhoods with $74.4 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had 174,344 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block, there was one new building construction project filed totaling 6,486 square feet. It is a five-unit, 6,486 square-foot residential (R-2) building submitted by Toby Eng with plans filed April 2, 2021 and permitted February 14, 2023.

The majority, or 65 percent of the 71,039 square feet of built space are office buildings, with walkup buildings next occupying 18 percent of the space.

Direct link to Acris document. link