Galaxy General Contracting pays $2.7M for residential walkup in Astoria

Galaxy General Contracting through the entity 31st Ave Realty LLC paid $2.7 million to Tommy Andreadakis through the entity 12-07 31st Avenue Realty LLC for the midblock seven-unit residential walkup building at 12-07 31st Avenue in Astoria, Queens.
The deal closed on April 4, 2022 and was recorded on April 20, 2022.

The property has 5,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $490 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 Tommy Andreadakis was Tommy Andreadakis. The signatory for Galaxy General Contracting was Steve Zervoudis.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Galaxy General Contracting purchased one property in one transaction for a total of $3 million and sold one property in one transaction for a total of $8 million over the past 24 months.
The seller Tommy Andreadakis 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 Tommy Andreadakis, head officer. The business entity is 12-07 31st Avenue Realty Llc.

The property

The 12-07 31st Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2008 and expires in 2033. The city-designated market value for the property in 2022 is $777,000.

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 $5,000 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 $5 million on this tax lot.

The neighborhood

In Astoria, the bulk, or 27 percent of the 54.6 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 23 percent of the space. In sales, Astoria has 2.8 times the average sales volume among other neighborhoods with $761.9 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 18 commercial properties representing 23,176 square feet of the 126,564 square feet. The largest owner is Dominic Casamento, followed by Manjula Mukhopadhyay and then Tommy Andreadakis. There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 154,924 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Galaxy General Contracting owned at least two commercial properties with 54,133 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio has $6.9 million in debt, borrowed from NYC Housing Development Corporation. Within the portfolio, the bulk, or 74 percent of the 54,133 square feet of built space are residential elevator properties, with residential walkup properties next occupying 26 percent of the space. They are all located in Bronx.

Surrounding

Within a 400-foot radius of 12-07 31st Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on October 5, 2021 for the $407,240 renovation of 4,636-square-foot R-2 building with six residential units at 30-99 14th Street.
One of those five items was a sale which Mortar bought the 3,500-square-foot industrial (E9) on 11-32 31st Avenue for $5 million from Rosner Custom Sound, Inc. on August 26, 2021.
Of those five items, three were loans above $5 million totaling $200 million. The most recent of the three was Manjula Mukhopadhyay which borrowed $5.3 million from Signature Bank secured by the 7,458-square-foot, eight-unit rental (C4) on 12-31 31st Avenue and four other properties on October 25, 2021.

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