Djalil Bassaly, Andy Bassaly pay $4M to Lin Chiu for dev site in Astoria

Djalil Bassaly and Andy Bassaly through the entity 31 Astoria Drive LLC paid $4 million to Lin Chiu through the entity 2342 31 Dr Astoria LLC for the development site at 23-42 31st Drive in Astoria, Queens.
The deal closed on February 27, 2023 and was recorded on March 3, 2023.
The seller bought the property on March 10, 2020, for $3.7 million. The signatory for Lin Chiu was Lin Chiu. The signatory for Djalil Bassaly and Andy Bassaly was Djalil Bassaly and Andy Bassaly.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Djalil Bassaly had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lin Chiu purchased one properties in one transactions for a total of $2 million and had not sold any properties over the same time period.

The property

The 23-42 31st Drive parcel has frontage of 50 feet and is 151 feet deep with a total lot size of 7,550 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $999,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $150 in OATH penalties in the last year.

The neighborhood

In Astoria, the bulk, or 36 percent of the 40.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.2 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 150,391 square feet of the 177,891 square feet. The largest owner is Yousf Eid, followed by Verv Capital and then Peter Vassiliou.
On the tax block, there was one new building construction project filed totaling 11,698 square feet. It is a 10-unit, 11,698-square-foot R-2 building developed by Gentian Shyti with plans filed September 14, 2018 and permitted December 3, 2020.

The majority, or 57 percent of the 175,473 square feet of built space are elevator buildings, with office buildings next occupying 21 percent of the space.

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