Comjem Associates pays $9.8M for mixed-use in Astoria

Comjem Associates through the entity Steinway Street Associates, LLC paid $9.8 million through an estate sale to the Bernstein family for the mixed-use building (K4) at 38-11 Broadway in Astoria, Queens. The expected use is cash flowing.
The deal closed on September 12, 2025 and was recorded on September 23, 2025. The property has 31,775 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $306 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 Carol Bernstein was Donald Bernstein and Stanley Levin. The signatory for Comjem Associates was Jack Cohen . The contract date was March 10, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Comjem Associates had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Carol Bernstein had not purchased any other properties and had not sold any properties over the same time period. The 31,775-square-foot property generated revenue of $2.1 million or $65 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Astoria has 31,775 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 C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.9 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 $550 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 neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.6 times the average sales volume among other neighborhoods with $737.7 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 1.2 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 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 this tax block, PincusCo has identified the owners of 13 of the 38 commercial properties representing 70,360 square feet of the 185,088 square feet. The largest owner is BLDG Management, followed by TF Cornerstone and then Andreas Tsangarides.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 185,088 square feet of built space are mixed-use buildings, with retail buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Comjem Associates owned at least 10 commercial properties with 38 residential units in New York City with 168,471 square feet and a city-determined market value of $44 million. (Market value is typically about 50% of actual value.) The portfolio has $83.3 million in debt, with top three lenders as Signature Bank, Symetra Life Insurance Company, and Customers Bank respectively. Within the portfolio, the bulk, or 55 percent of the 168,471 square feet of built space are office properties, with mixed-use properties next occupying 18 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 16 percent of the space.

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