Christopher Kyriakides pays $8.9M for 21-unit walkup in Ditmars Steinway

Christopher Kyriakides through the entity Blue Spartan Kyriakides 31-01 LLC paid $8.9 million to Anthoula Katsimatides and George Katsimatides through the entity Akat Properties LLC for the 21-unit residential walkup building (C7) at 20-79 31st Street in Ditmars Steinway, Queens.
The deal closed on December 19, 2023 and was recorded on December 27, 2023. The property has 15,844 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $561 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 Anthoula Katsimatides and George Katsimatides was Anthoula Katsimatides and George Katsimatides. The signatory for Christopher Kyriakides was Christopher Kyriakides. The contract date was November 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Christopher Kyriakides had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthoula Katsimatides 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 George Katsimatides, head officer and Anthoula Katsimatides, officer. The business entity is Cal-Ton Management, Llc.

The property

The residential walkup building with 21 residential units in Ditmars Steinway has 15,844 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 125 feet deep with a total lot size of 7,602 square feet. The lot is irregular. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 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 $150 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 four of the seven commercial properties representing 66,544 square feet of the 100,148 square feet. The largest owner is Payam Kermanian, followed by John A. Werwaiss Of Werwaiss Co and then Helen Sgantzos.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 100,148 square feet of built space are walkup buildings, with industrial buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that George Katsimatides owned at least one commercial property with 21 residential units in New York City with 15,844 square feet and a city-determined market value of $2.2 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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