Ioannis Likidis pays $4.2M for mixed-use in Astoria

Ioannis Likidis through the entity Grand 30 Realty LLC paid $4.2 million to Giancarlo Coco through the entity 30-23 Realty LLC for the mixed-use building (K2) at 30-23 30th Avenue in Astoria, Queens. The expected use is cash flowing.
The deal closed on March 27, 2025 and was recorded on April 4, 2025. The property has 2,800 square feet of built space and 2,234 square feet of additional air rights for a total buildable of 5,040 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,500 and the price per buildable square foot is $833 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 Giancarlo Coco was Giancarlo Coco. The signatory for Ioannis Likidis was Ioannis Likidis. The contract date was September 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ioannis Likidis purchased two properties in two transactions for a total of $11.2 million and has no record it sold any properties over the past 24 months.
The seller Giancarlo Coco had not purchased any other properties and had not sold any properties over the same time period. The 2,800-square-foot property generated revenue of $165,480 or $59 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Astoria has 2,800 square feet of built space and 2,234 square feet of additional air rights for a total buildable of 5,040 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 70 feet deep with a total lot size of 1,680 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 $482,000.

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 $350 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 Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.2 times the average sales volume among other neighborhoods with $576.3 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 21 commercial properties representing 6,515 square feet of the 81,059 square feet. The largest owner is John Zoitas, followed by Charles Kally and then Verizon.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 81,059 square feet of built space are mixed-use buildings, with industrial buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Ioannis Likidis owned at least 10 commercial properties with 40 residential units in New York City with 40,084 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 40,084 square feet of built space are walkup properties, with mixed-use properties next occupying 32 percent of the space. They are all located in Queens.

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