Igor Bron pays $12M to Spyro Avdoulos for school in Sunnyside

Igor Bron through the entity Partners 1602 LLC paid $12 million to Spyro Avdoulos through the entity A. Borden LLC for the school building (W1) at 47-09 36th Street in Sunnyside, Queens. The expected use is cash flowing.
The deal closed on May 21, 2025 and was recorded on May 28, 2025. The property has 20,000 square feet of built space for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $600 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 July 9, 2020, for $8.8 million. The signatory for Spyro Avdoulos was Spyro Avdoulos. The signatory for Igor Bron was Igor Bron. The contract date was April 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Igor Bron purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Spyro Avdoulos had not purchased any other properties and had not sold any properties over the same time period. The 20,000-square-foot property generated revenue of $855,844 or $43 per square foot, according to the most recent income and expense figures.

The property

The specialty building in Sunnyside has 20,000 square feet of built space for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.1 million. The most recent loan totaled $6.5 million and was provided by 4709-36, LLC on July 9, 2020.

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 $1,000 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 Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $144.2 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 594,942 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 63,500 square feet of the 187,890 square feet. The two identified owners are Donald Speranza and Spyro Avdoulos.
There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 187,890 square feet of built space are industrial buildings, with mixed-use buildings next occupying 1 percent of the space.

The seller

The PincusCo database currently indicates that Spyro Avdoulos owned at least three commercial properties in New York City with 58,544 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) The portfolio has $20.1 million in debt, with top three lenders as Spring Bank, 4709-36, LLC, and W Financial respectively. Within the portfolio, all identified are industrial properties. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Igor Bron owned at least one commercial property in New York City with 2,480 square feet and a city-determined market value of $540,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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