George Sakellaris pays $4.8M for 70-unit rental in North Corona

George Sakellaris through the entity 39-06 114 St Realty LLC paid $4.8 million to the entity Wilco Holding, Inc. for the 70-unit residential elevator building (D3) at 39-06 114th Street in North Corona, Queens. The expected use is cash flowing.
The deal closed on June 3, 2026 and was recorded on June 11, 2026. The property has 40,936 square feet of built space and 12,250 square feet of additional air rights for a total buildable of 53,156 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $116 and the price per buildable square foot is $89 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 the sellers, the Niarakis family, was Lisa A. Lolis . The signatory for George Sakellaris was George Sakellaris. The contract date was January 25, 2026.

The buyer entity was in care of Alma Realty.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer George Sakellaris had purchased any other properties and has no record it sold any properties over the past 24 months.
The former owners according to the Department of Housing Preservation and Development includes Ursula Niarakis, head officer and Jeanne Michalski, agent. The business entities are Metropolitan Property Services Inc and Wilco Holding Inc. The 40,936-square-foot property generated revenue of $1.1 million or $27 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 70 residential units in North Corona has 40,936 square feet of built space and 12,250 square feet of additional air rights for a total buildable of 53,156 square feet according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 125 feet deep with a total lot size of 21,875 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.8 million. The property has 70 rent regulated units according to city tax records from 2024.

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 127 housing violations, $650 in OATH penalties, and one housing litigation 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 block

On this tax block, PincusCo has identified the owners of four of the 20 commercial properties representing 21,075 square feet of the 144,556 square feet. The largest owner is Lin’s Lumber , followed by Moris Yeroshalmy and then Choy Ling Lam.
On the tax block, there were two new building construction projects totaling 66,553 square feet. The largest is a 26-unit, 43,032 square-foot hotel/dormitory/shelter (R-1) building submitted by King’s USA Group and filed by Choy Lam with plans filed February 1, 2018 and it has not been permitted yet. The second largest is a 34-unit, 23,521 square-foot residential (R-2) building submitted by ABCNY and filed by Moris Yerushalmi with plans filed February 12, 2025 and permitted March 31, 2026.

The majority, or 28 percent of the 144,556 square feet of built space are elevator buildings, with hotel buildings next occupying 20 percent of the space.

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