BX Realty Mgmt Inc. pays $5.3M for 28-unit walkup in Astoria

BX Realty Mgmt Inc. through the entity 34th Avenue LLC paid $5.3 million to Jill Marquardt-Scola through the entity Amore Apartments LLC for the 28-unit residential walkup building (C1) at 34-11 34th Avenue in Astoria, Queens. The expected use is cash flowing.
The deal closed on January 9, 2025 and was recorded on January 17, 2025. The property has 22,820 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $232 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 June 28, 2022, for $4.7 million. The signatory for Jill Marquardt-Scola was Jill Marquardt-Scola. The signatory for BX Realty Mgmt Inc. was Leonardo Prainito. The contract date was August 27, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer BX Realty Mgmt Inc. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jill Marquardt-Scola 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 Jill Scola, head officer and Angelo Abela, site manager. The business entity is Amore Apartments Llc. The 22,820-square-foot property generated revenue of $477,770 or $21 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 28 residential units in Astoria has 22,820 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 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 $1.5 million. The property has 28 rent regulated units according to city tax records from 2023.

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 seven housing violations and $100 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 three of the 20 commercial properties representing 38,642 square feet of the 162,840 square feet. The largest owner is Bx Realty Mgmt Inc., followed by Andrew Phillips and then George Retzios.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 162,840 square feet of built space are walkup buildings, with mixed-use buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Bx Realty Mgmt Inc. owned at least one commercial property with 28 residential units in New York City with 22,820 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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