Grocer pays $14M for grocery store location in Corona

Grocer Carlos M. Espinal and Andres M. Ferreira through the entity A & C Corona Realty LLC paid $14 million to Charles P. Scaturro through the entity 9930 Corona Associates, LLC for the grocery store retail building (K1) at 99-32 Corona Avenue in Corona, Queens and adjacent parking lot (G7) at 99-07 Alstyne Avenue in Corona, Queens.
The deal closed on December 10, 2025 and was recorded on December 15, 2025. The two properties have 11,933 square feet of built space and 65,251 square feet of additional air rights for a total buildable of 77,090 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,173 and the price per buildable square foot is $181 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 Charles P. Scaturro was Charles P. Scaturro. The signatory for Andres M. Ferreira and Carlos M. Espinal was Andres M. Ferreira and Carlos M. Espinal. The contract date was February 28, 2025. This is occupied by a grocery store, Ideal Food Basket, which is affiliated with a cooperative.

The buyers financed the purchase with a $9.8 million loan from Bank of Hope.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andres M. Ferreira had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Charles P. Scaturro had not purchased any other properties and had not sold any properties over the same time period. Out of the two properties, one with a total of 11,933 square feet of built space generated revenue of $418,132 per year.

The property

The retail building in Corona has 11,933 square feet of built space and 65,251 square feet of additional air rights for a total buildable of 77,090 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 187 feet deep with a total lot size of 28,188 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. 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 for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Corona, The bulk, or 48 percent of the 12.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Corona has had very little sales volume relative to other neighborhoods with $111.8 million in sales volume in the last two years. For development, Corona has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 11,933 square feet of built space are retail buildings, with industrial buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Andres M. Ferreira owned at least one commercial property with 23 residential units in New York City with 62,875 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from Bank of Hope. The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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