Investors pay $6.4M for 32-unit walkup in Astoria

John Antzoulis and Toula Antzoulis through the entity 35-25 29 Street JPA LLC paid $6.4 million to the Angelos Roussos estate, Demetrios Roussos, and Konstantinos Roussos through the entity 35-25 29 St. Realty LLC for the 32-unit residential walkup building (C1) at 35-25 29th Street in Astoria, Queens.
The deal closed on May 2, 2023 and was recorded on June 2, 2023. The property has 20,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $310 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 signatories for Angelos Roussos estate, Demetrios Roussos, and Konstantinos Roussos were Despina Rousso, Demetrios Roussos, and Konstantinos Roussos. The signatories for the buyers John Antzoulis and Toula Antzoulis were John Antzoulis and Toula Antzoulis.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John Antzoulis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Angelos Roussos estate had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Despina Roussos, joint owner and Demetrios Roussos, joint owner. The 20,600-square-foot property generated revenue of $514,113 or $25 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 32 residential units in Astoria has 20,600 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 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 $2.1 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 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 block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 31,500 square feet of the 141,233 square feet. The identified owner is Steve Tenedios.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 141,233 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that John Antzoulis owned at least one commercial property with two residential units in New York City with 2,862 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

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