Dominic Casamento pays $8.4M for two walkups in Astoria

Dominic Casamento of Kingdom Equities through the entity Casa 34 Street LLC paid $8.4 million to Stephen Wolinetz through the entity Alpha Realty II LLC for the 21-unit residential walkup building (C1) at 28-41 34th Street in Astoria, Queens and 21-unit residential walkup building (C1) at 28-35 34th Street in Astoria, Queens.
The deal closed on August 19, 2022 and was recorded on August 26, 2022. The two properties have 26,656 square feet of built space and 3,300 square feet of additional air rights for a total buildable of 30,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $315 and the price per buildable square foot is $280 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 Stephen Wolinetz was Stephen Wolinetz. The signatory for Dominic Casamento and Kingdom Equities was Dominic Casamento.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 28-41 34th Street.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Dominic Casamento had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stephen Wolinetz 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 Bruce Wolinetz, head officer and Steven Goodman, officer. The business entity is Alpha Realty Ii Llc. The two properties with a total of 26,656 square feet of built space generated revenue of $915,133 per year or $34 per square foot. The sale price per square foot was $315.

The property

The 28-41 34th Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 13 housing violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 28-41 34th Street, PincusCo has identified the owners of six of the 27 commercial properties representing 104,476 square feet of the 355,066 square feet. The largest owner is Tom Kourkoumelis, followed by Margaret Vaccaro and then Broadway Stages.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 355,066 square feet of built space are elevator buildings, with walkup buildings next occupying 38 percent of the space.

The buyer

The PincusCo database currently indicates that Dominic Casamento owned at least seven commercial properties in New York City with 98,739 square feet and a city-determined market value of $11.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 79 percent of the 98,739 square feet of built space are walkup properties, with elevator properties next occupying 21 percent of the space. They are all located in Queens.
The PincusCo database currently indicates that Kingdom Equities owned at least five commercial properties in New York City with 54,690 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) The portfolio has $7.8 million in debt, borrowed from Dime Community Bank. Within the portfolio, all identified are walkup properties. They are all located in Queens.

Direct link to Acris document. link