Flagstar Bank sells former Astoria bank location for $2.4M

Tom Kourkoumelis through the entity TK 33-12 30th Ave LLC paid $2.4 million to Flagstar Bank for the mixed-use retail building (K4) at 33-12 30th Avenue in Astoria, Queens. The expected use is cash flowing.
The deal closed on October 23, 2025 and was recorded on November 7, 2025. The property has 4,870 square feet of built space and 2,024 square feet of additional air rights for a total buildable of 6,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $492 and the price per buildable square foot is $347 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 seller bought the property on April 28, 2006, for $54.2 million. The signatory for Flagstar Bank was Brian Mioduszewski . The signatory for Tom Kourkoumelis was Tom Kourkoumelis. The contract date was September 23, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tom Kourkoumelis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Flagstar Bank had not purchased any other properties and sold two properties in two transactions for a total of $6 million over the same time period. The 4,870-square-foot property generated revenue of $202,543 or $42 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 1 residential units in Astoria has 4,870 square feet of built space and 2,024 square feet of additional air rights for a total buildable of 6,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 100 feet deep with a total lot size of 2,300 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 $992,000.

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 $100 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 2.8 times the average sales volume among other neighborhoods with $812.5 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 1.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 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 17 of the 49 commercial properties representing 243,874 square feet of the 506,824 square feet. The largest owner is Urban American Management, followed by Shahanara Khan and then Mohammed K. Rahman.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 506,824 square feet of built space are walkup buildings, with mixed-use buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Tom Kourkoumelis owned at least two commercial properties with 88 residential units in New York City with 75,876 square feet and a city-determined market value of $8 million. (Market value is typically about 50% of actual value.) The portfolio has $9.3 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 86 percent of the 75,876 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. They are all located in Queens.

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