Gina Argento of Broadway Stages pays $4M for mixed-use in Astoria

Gina Argento of Broadway Stages through the entity 3355 Walgreen Crescent Corp. paid $4 million to Petrakis Realty Group through the entity Petrakis Properties, LLC for the mixed-use building (K1) at 33-55 34th Avenue in Astoria, Queens.
The deal closed on February 13, 2024 and was recorded on February 22, 2024. The property has 10,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $389 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 February 6, 2015, for $3.7 million. The signatory for Petrakis Realty Group was Panagiotis Petrakis. The signatory for Broadway Stages was Gina J. Argento. The contract date was November 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Broadway Stages purchased three properties in two transactions for a total of $7.1 million and has no record it sold any properties over the past 24 months.
The seller Petrakis Realty Group had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Astoria has 10,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 7,600 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 $3.4 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 received $1,280 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 $1 million on this tax lot.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.5 times the average sales volume among other neighborhoods with $738.8 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has 3.3 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 34,534 square feet of the 167,275 square feet. The largest owner is Walter Schwarsin, followed by Maria Nikolakopoulos and then James Kakivelis.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 167,275 square feet of built space are elevator buildings, with walkup buildings next occupying 38 percent of the space.

The buyer

The PincusCo database currently indicates that Broadway Stages owned at least 112 commercial properties with 370 residential units in New York City with 3,242,984 square feet and a city-determined market value of $386.3 million. (Market value is typically about 50% of actual value.) The portfolio has $161.7 million in debt, with top three lenders as Investors Bank, First Republic Bank, and TD Bank respectively. Within the portfolio, the bulk, or 55 percent of the 3,242,984 square feet of built space are industrial properties, with specialty properties next occupying 27 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Queens next at 47 percent of the space.

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