Gabriel Blanco, Dream Ready Mix pay $9M to Corona Ready Mix affiliates for industrial in Corona

Gabriel Blanco and Dream Ready Mix paid $9 million to Corona Ready Mix affiliates John Vasilantonakis and Nicholas Melis for industrial in Corona, Queens, in two transactions.

In the larger, Gabriel Blanco and Dream Ready Mix through the entity 50-25 97th Place LLC paid $5 million to John Vasilantonakis and Nicholas Melis through the entity Ariston Realty, LLC for the specialty building (Z9) at 50-33 97th Place in Corona, Queens. The expected use is owner-occupied.
The deal closed on February 26, 2026 and was recorded on March 10, 2026. The property has zero square feet of built space and 23,500 square feet of additional air rights for a total buildable of 23,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $212 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 December 15, 2017, for $6.7 million. The signatory for John Vasilantonakis and Nicholas Melis was John Vasilantonakis and Nicholas Melis. The contract date was September 24, 2025. Gabriel Blanco owns investment real estate and also operates Blanco Drilling, a contractor. John Vasilantonakis and Nicholas Melis are executives of Corona Ready Mix, a concrete contractor.

In the smaller, Gabriel Blanco and Dream Ready Mix through the entity 50-25 97th Place LLC paid $4 million to John Vasilantonakis and Nicholas Melis through the entity Corona Realty 2 for the industrial building (E2) at 50-25 97th Place in Corona, Queens. The expected use is owner-occupied.
The deal closed on February 26, 2026 and was recorded on March 10, 2026. The property has 500 square feet of built space and 5,980 square feet of additional air rights for a total buildable of 6,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $8,000 and the price per buildable square foot is $615 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 John Vasilantonakis and Nicholas Melis was John Vasilantonakis_Ai and Nicholas Melis_Ai. The contract date was September 24, 2025. Gabriel Blanco owns investment real estate and also operates Blanco Drilling, a contractor. John Vasilantonakis and Nicholas Melis are executives of Corona Ready Mix, a concrete contractor.

Prior sales, articles and revenue

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

The property

The parcel has frontage of 235 feet and is 100 feet deep with a total lot size of 23,500 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.3 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 not received any significant violations 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 Corona, The bulk, or 48 percent of the 12.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Corona has had very little sales volume relative to other neighborhoods with $124 million in sales volume in the last two years. For development, Corona has had very little major development activity relative to other neighborhoods.It had 1.1 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

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 55,829 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that John Vasilantonakis owned at least one commercial property with 32 residential units in New York City with 24,710 square feet and a city-determined market value of $874,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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