Fotini Theoharidou pays $3M for mixed-use in Astoria

Fotini Theoharidou through the entity FBG Broadway Inc. paid $3 million for the four-unit mixed-use building (S9) at 37-02 30th Avenue in Astoria, Queens.
The deal closed on July 6, 2023 and was recorded on September 29, 2023. The property has 4,400 square feet of built space and 1,600 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $693 and the price per buildable square foot is $508 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 Pota Plevritis was Pota Plevritis, Kathi Saccullo, and Betsy Warren. The signatory for Fotini Theoharidou was Fotini Theoharidou. The contract date was May 3, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Fotini Theoharidou had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pota Plevritis had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Pota Plevritis, head officer. The business entity is Pota Plevritis Living Trust.

The property

The mixed-use building with 4 residential units in Astoria has 4,400 square feet of built space and 1,600 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 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 $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

For the tax lot building, it received its initial certificate of occupancy on January 29, 2015. 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 3 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 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 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 four of the 25 commercial properties representing 41,226 square feet of the 170,455 square feet. The largest owner is Pistilli Realty Group, followed by John Giunta and then John Belanich.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 170,455 square feet of built space are walkup buildings, with office buildings next occupying 18 percent of the space.

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