Frank Biancaniello pays $5.9M for 10-unit rental in Ditmars Steinway
23-61 31st Street (Credit - Google)
Frank Biancaniello through the entity Steinway Street Realty Corp. paid $5.9 million to Thomas Ballis, Peter Giallias, and Paul Fotinos through the entity 2361 31st Development LLC for 10-unit residential elevator building (D7) at 23-61 31st Street in Ditmars Steinway, Queens.
The deal closed on July 20, 2022 and was recorded on July 27, 2022. The property has 8,155 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $727 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 1, 2019, for $1.3 million. The signatory for Thomas Ballis, Peter Giallias, and Paul Fotinos was Thomas Ballis, Peter Giallias, and Paul Fotinos. The signatory for Frank Biancaniello was Frank Biancaniello.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Frank Biancaniello had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Thomas Ballis 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 Peter Giallias, head officer. The business entity is 2361 31st Development Llc.
The property
The 23-61 31st Street parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.3 million.
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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 $5,775 in OATH penalties in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on July 19, 2021. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of seven of the 41 commercial properties representing 136,951 square feet of the 246,145 square feet. The largest owner is Yiannis Konstantinidis, followed by Ilias Theotokas and then John Panagiotopoulos. There are two active new building construction projects totaling 91,267 square feet. The largest is a 10-unit, 7,609-square-foot R-2 building developed by John Alexiou with plans filed March 29, 2012 and permitted April 28, 2017. The second largest is a 52-unit, 83,658-square-foot R-2 building developed by Gandolfo Difiore with plans filed March 15, 2021 and it has not been permitted yet.
The majority, or 40 percent of the 236,242 square feet of built space are office buildings, with walkup buildings next occupying 27 percent of the space.
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