Christopher Mahabir pays $3.8M for 24-unit walkup in Queens Village

Christopher Mahabir through the entity 21946 LLC paid $3.8 million to Demetri Kokkoris, Craig Montalbano, and Theodore Kolokouris through the entity Entity 46 LLC for the 24-unit residential walkup building (C1) at 219-46 93rd Avenue in Queens Village, Queens. The expected use is cash flowing.
The deal closed on February 12, 2025 and was recorded on February 19, 2025. The property has 23,040 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $164 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 11, 2008, for $1.7 million. The signatory for Demetri Kokkoris, Craig Montalbano, and Theodore Kolokouris was Demetri Kokkoris, Craig Montalbano, and Theodore Kolokouris. The signatory for Christopher Mahabir was Christopher Mahabir.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Christopher Mahabir purchased one property in one transaction for a total of $3.2 million and has no record it sold any properties over the past 24 months.
The seller Demetri Kokkoris 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 Ted Kolokouris, head officer and Demetri Kokkoris, officer. The business entity is Aurora Management Realty Llc. The 23,040-square-foot property generated revenue of $405,862 or $18 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 24 residential units in Queens Village has 23,040 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 R2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million. The property has 23 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 two housing violations and one housing litigation 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 owner of the one commercial property that spans that spans 23,040 square feet on the block.The identified owner is Ted Kolokouris.
There are no active new building construction projects on this tax block.

All properties are walkup.

The seller

The PincusCo database currently indicates that Craig Montalbano owned at least one commercial property with four residential units in New York City with 4,875 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Christopher Mahabir owned at least three commercial properties with 34 residential units in New York City with 28,591 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

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