Former senior center location in Astoria sells for $5.5M

The entity Broadway Astoria Arts, LLC paid $5.5 million to Farnaz Lavian Livi through the entity 2356 Broadway Associates LLC for the specialty building (P5) at 23-56 Broadway in Astoria, Queens. The building was formerly occupied by the Peter J. DellaMonica Senior Center, which moved to another location in Astoria in 2022.
The deal closed on November 22, 2024 and was recorded on December 2, 2024. The property has 8,670 square feet of built space and 10,471 square feet of additional air rights for a total buildable of 19,155 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $640 and the price per buildable square foot is $289 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 August 4, 2022, for $4.8 million. The signatory for Farnaz Lavian Livi was Farnaz Lavian Livi. The contract date was October 10, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Farnaz Lavian Livi had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Astoria has 8,670 square feet of built space and 10,471 square feet of additional air rights for a total buildable of 19,155 square feet according to a PincusCo analysis of city data. The parcel has frontage of 63 feet and is 100 feet deep with a total lot size of 6,385 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 million.

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 2.2 times the average sales volume among other neighborhoods with $572.3 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 6th highest in Queens. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 17 commercial properties representing 6,580 square feet of the 140,394 square feet. The two identified owners are George Manolangas and Joseph M. Joseph.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 140,394 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

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