Grubb Properties pays $63M for two properties in Astoria

Grubb Properties through the entity Queens Plaza North New York, LLC paid $63 million to John Falidas and Vasilios Falidas through the entity Estia Realty LLC for office building (O5) at 25-01 Queens Plaza North in Long Island City, Queens and industrial (G7) at N/A 25th Street in Long Island City, Queens. PincusCo first reported the properties were in contract, in March 2021.
The deal closed on September 14, 2021 and was recorded on September 28, 2021.

The signatory for John Falidas and Vasilios Falidas was John Falidas and Vasilios Falidas. The signatory for Grubb Properties was James M. Hochman.
(Q00557681) Plans for a 317-unit, 290,036 square-foot R-2 were filed on August 23, 2021.
Grubb plans on building yielding 317 units and 9,000 square feet to retail space on the property.

Within a 400-foot radius of 25-01 Queens Plaza North, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on November 23, 2020 for the $318,500.0 renovation of 8,680-square-foot M building with no residential units at 27-14 Queens Plaza South.
Of those six items, five were loans above $5 million totaling $112.0 million. The most recent of the five was Shunqian Liu which borrowed $8.5 million from The Berkshire Bank secured by the 25,371-square-foot, 31-unit rental (D7) on 41-14 27th Street on April 20, 2021.

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