Emanuel Magnioles pays $4.8M for 16-unit development site in Astoria

Emanuel Magnioles through the entity Broadway Nema, LLC paid $4.8 million to Benny Loria through the entity 3720 Broadway LLC for the retail building (K4) at 37-20 Broadway and the adjacent building (K4) at 32-08 38th Street in Astoria, Queens.
On these lots, there is one active new building construction project for a 16-unit, 14,740 square-foot R-2 building. The project was submitted by Salvatore Lucchese with plans filed March 17, 2022 and permitted June 7, 2022.
The sale closed on November 15, 2023 and was recorded on November 22, 2023. The two properties have 6,852 square feet of built space and 8,060 square feet of additional air rights for a total buildable of 14,907 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $700 and the price per buildable square foot is $321 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 Benny Loria was Benny Loria. The signatory for Emanuel Magnioles was Emanuel Magnioles. The contract date was October 5, 2023.

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 37-20 Broadway.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Emanuel Magnioles had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Benny Loria had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 6,852 square feet of built space generated revenue of $223,926 per year or $33 per square foot. The sale price per square foot was $701.

The property

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.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

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 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 3.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.1 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. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 37-20 Broadway, PincusCo has identified the owners of two of the 16 commercial properties representing 11,840 square feet of the 91,526 square feet. The two identified owners are John Caruso and Catherine Mancuso.
On the tax block, there was one new building construction project filed totaling 14,740 square feet. It is a 16-unit, 14,740 square-foot residential (R-2) building submitted by Salvatore Lucchese with plans filed March 17, 2022 and permitted June 7, 2022.

The majority, or 63 percent of the 91,526 square feet of built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Benny Loria owned at least one commercial property with six residential units in New York City with 5,040 square feet and a city-determined market value of $1.5 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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