Fernando Magalhaes, Joao Lage pay $9.6M for industrial in Astoria

Fernando Magalhaes and Joao Lage through the entity 3256 49th LLC paid $9.6 million to Deidra Mellis-Gounaris through the entity North 49 Enterprise Corp. for the industrial building (G1) at 32-56 49th Street in Astoria, Queens.
The deal closed on December 8, 2022 and was recorded on December 15, 2022. The property has 15,000 square feet of built space for a total buildable of 15,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $636 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 Deidra Mellis-Gounaris was Deidra Mellis-Gounaris. The signatory for Fernando Magalhaes and Joao Lage was Fernando Magalhaes.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Fernando Magalhaes had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Deidra Mellis-Gounaris had not purchased any other properties and had not sold any properties over the same time period. The 15,000-square-foot property generated revenue of $240,902 or $16 per square foot, according to the most recent income and expense figures.

The property

The 32-56 49th Street parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.1 million.

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 $300 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 $5 million on this tax lot.

The neighborhood

In Astoria, the bulk, or 37 percent of the 39.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 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 3.3 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 39 commercial properties representing 72,200 square feet of the 222,837 square feet. The largest owner is Broadway Stages, followed by Raymond Cauchi and then Raul Chauca.
On the tax block, there was one new building construction project filed totaling 9,918 square feet. It is a N/A-unit, 9,918-square-foot M building developed by Fernando Magalhaes with plans filed June 27, 2019 and it has not been permitted yet.

The majority, or 62 percent of the 222,837 square feet of built space are walkup buildings, with retail buildings next occupying 18 percent of the space.

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