Giuseppe Rocco pays $9.3M for 38 units in two Astoria walkups, down from $11M in 2016

Giuseppe Rocco through the entity 33rd Street Group LLC paid $9.3 million to Steve Tenedios through the entity 28-19/21 33rd Street Realty LLC for 19-unit residential walkup building (C1) at 28-21 33rd Street in Astoria, Queens and 19-unit residential walkup building (C1) at 28-19 33rd Street in Astoria, Queens.
The deal closed on July 25, 2022 and was recorded on August 2, 2022. The two properties have 19,460 square feet of built space and 3,982 square feet of additional air rights for a total buildable of 23,424 square feet according to PincusCo analysis of city data. The sale price per built square foot is $477 and the price per buildable square foot is $397 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 Steve Tenedios was Steve Tenedios. The signatory for Giuseppe Rocco was Giuseppe Rocco. The seller bought the two buildings in 2016 for $11 million.

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 28-21 33rd Street.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Giuseppe Rocco purchased one properties in one transactions for a total of $15.5 million and has no record it sold any properties over the past 24 months.
The seller Steve Tenedios had not purchased any other properties and sold two properties in two transactions for a total of $15.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steve Tenedios, head officer and Michael Pasztor, officer. The business entity is 28-19/21 33rd Street Realty Llc. The two properties with a total of 19,460 square feet of built space generated revenue of $715,366 per year or $37 per square foot. The sale price per square foot was $478.

The property

The 28-21 33rd Street parcel has frontage of 40 feet and is 97 feet deep with a total lot size of 3,904 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 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 $5 million on this tax lot.

The block

On the tax block of 28-21 33rd Street, PincusCo has identified the owners of four of the 19 commercial properties representing 71,910 square feet of the 297,426 square feet. The largest owner is Eugene Kuljanic, followed by DSA Property Group and then Antonio Polito. There are no active new building construction projects on this tax block.

the majority, or 64 percent of the 297,426 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Steve Tenedios owned at least seven commercial properties in New York City with 130,940 square feet and a city-determined market value of $17.3 million. (Market value is typically about 50% of actual value.) The portfolio has $20.5 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 38 percent of the 130,940 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. The bulk, or 90 percent of the built space, is in Queens, with Manhattan next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that Giuseppe Rocco owned at least six commercial properties in New York City with 145,553 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio has $22.4 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 52 percent of the 145,553 square feet of built space are walkup properties, with elevator properties next occupying 48 percent of the space. They are all located in Queens.

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