Bell Realty pays $8M for 48-unit rental in Astoria

Bell Realty through the entity 32-85 Astoria LLC paid $8 million to Robert Miller through the entity 32-85 Realty Co., LLC for the 48-unit residential elevator building (D1) at 32-85 33rd Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on July 31, 2024 and was recorded on August 2, 2024. The property has 36,349 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $220 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 Robert Miller was Robert L. Miller. The signatory for Bell Realty was Eric Belanich. The contract date was May 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bell Realty purchased four properties in three transactions for a total of $9 million and has no record it sold any properties over the past 24 months.
The seller Robert Miller 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 Robert Miller, head officer and Thomas Cleary, site manager. The business entities are B & R Management Co Llc and 3285 Realty Co,Llc.

The property

The residential elevator building with 48 residential units in Astoria has 36,349 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.6 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 22 commercial properties representing 25,279 square feet of the 152,168 square feet. The largest owner is Broadway Stages, followed by Lidio Gobo and then Zbigniew Gosniowski.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 152,168 square feet of built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Robert Miller owned at least five commercial properties with 306 residential units in New York City with 340,650 square feet and a city-determined market value of $20.5 million. (Market value is typically about 50% of actual value.) The portfolio has $26.6 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 98 percent of the 340,650 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 44 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

The buyer

The PincusCo database currently indicates that Bell Realty owned at least five commercial properties with 72 residential units in New York City with 61,297 square feet and a city-determined market value of $5.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 96 percent of the 61,297 square feet of built space are walkup properties, with mixed-use properties next occupying 4 percent of the space. They are all located in Queens.

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