Ioannis Likidis pays $10M to Abro Management for retail in Ditmars Steinway

Ioannis Likidis through the entity 31 And Ditmars LLC paid $10 million to Abro Management through the entity Astoria LLC for the mixed-use building (K2) at 22-55 31st Street in Ditmars Steinway, Queens.
The deal closed on February 12, 2026 and was recorded on March 2, 2026. The property has 16,380 square feet of built space and 12,662 square feet of additional air rights for a total buildable of 29,046 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $610 and the price per buildable square foot is $344 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 Abro Management was Richard Scharf . The signatory for Ioannis Likidis was Ioannis Likidis. The contract date was August 15, 2025.

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 22-55 31st Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Ioannis Likidis purchased three properties in three transactions for a total of $15.2 million and has no record it sold any properties over the past 24 months.
The seller Abro Management had not purchased any other properties and sold five properties in five transactions for a total of $40.3 million over the same time period. Out of the two properties, one with a total of 16,380 square feet of built space generated revenue of $722,875 per year.

The property

The mixed-use building in Ditmars Steinway has 16,380 square feet of built space and 12,662 square feet of additional air rights for a total buildable of 29,046 square feet according to a PincusCo analysis of city data. The parcel has frontage of 117 feet and is 80 feet deep with a total lot size of 9,362 square feet. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.3 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 received $650 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 Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has 1.2 times the average sales volume among other neighborhoods with $376.6 million in sales volume in the last two years and is the 5th highest in Queens. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 282,279 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 22-55 31st Street, PincusCo has identified the owners of five of the 37 commercial properties representing 25,225 square feet of the 147,472 square feet. The largest owner is Jenel Real Estate, followed by Jenel Management and then Vescovo.
On the tax block, there were two new building construction projects totaling 122,732 square feet. The largest is a 61,366 square-foot mercantile (M) building submitted by Jenel Management and filed by Sam Dushey with plans filed October 7, 2022 and permitted June 16, 2023. The second largest is a 61,366 square-foot mercantile (M) building submitted by Jenel Real Estate and filed by Sam Dushey with plans filed January 9, 2019 and permitted August 9, 2021.

The majority, or 55 percent of the 147,472 square feet of built space are mixed-use buildings, with retail buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Abro Management owned at least 45 commercial properties with 2,604 residential units in New York City with 2,543,991 square feet and a city-determined market value of $322.3 million. (Market value is typically about 50% of actual value.) The portfolio has $244.2 million in debt, with top three lenders as New York Community Bank, Ladder Capital, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 95 percent of the 2,543,991 square feet of built space are elevator properties, with walkup properties next occupying 5 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Ioannis Likidis owned at least 12 commercial properties with 40 residential units in New York City with 50,784 square feet and a city-determined market value of $12.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 50,784 square feet of built space are walkup properties, with mixed-use properties next occupying 31 percent of the space. They are all located in Queens.

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