Gandolfo DiFiore signs $11.6M loan for two walkups in Astoria

Gandolfo DiFiore through the entity Trabucca, LLC as borrower signed a initial loan with lender Santander Bank valued at $11.6 million for two residential walkup properties including the 40-unit residential walkup building (C1) at 30-60 48th Street in Astoria, Queens and the 40-unit residential walkup building (C1) at 30-70 48th Street in Astoria, Queens.
The deal closed on March 17, 2023 and was recorded on March 29, 2023. The two properties have 52,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $223 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 Gandolfo DiFiore was Gandolfo DiFiore.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 30-60 48th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Josephine Mazzola, head officer and Ginetta Modica, officer. The business entity is Trabucca Llc. The two properties with a total of 52,000 square feet of built space generated revenue of $1.5 million per year or $28 per square foot.

The property

The 30-60 48th Street parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $50 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 block

On the tax block of 30-60 48th Street, PincusCo has identified the owners of six of the 19 commercial properties representing 64,488 square feet of the 127,596 square feet. The largest owner is Paul Dommermuth, followed by Marino Ceko and then Josephine Mazzola.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 127,596 square feet of built space are walkup buildings, with mixed-use buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Gandolfo Difiore owned at least seven commercial properties in New York City with 70,618 square feet and a city-determined market value of $8.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 70,618 square feet of built space are walkup properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

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