Ioannis Likidis pays $4.2M for retail in Astoria

Ioannis Likidis through the entity 32-01 Broadway LLC paid $4.2 million to Christina Thermos through the entity Crescent Management Associates, LLC for the two-unit mixed-use retail building (K4) at 32-01 Broadway in Astoria, Queens.
The deal closed on August 30, 2023 and was recorded on September 7, 2023. The property has 3,667 square feet of built space and 1,203 square feet of additional air rights for a total buildable of 4,878 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,133 and the price per buildable square foot is $852 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 June 28, 2016, for $3.5 million. The signatory for Christina Thermos was Christina Thermos. The signatory for Ioannis Likidis was Ioannis Likidis. The contract date was January 6, 2023.

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 $6.2 million and has no record it sold any properties over the past 24 months.
The seller Christina Thermos 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 Steven Evans, head officer and Christina Thermos, site manager. The business entity is Crescent Management Associates Llc.

The property

The mixed-use building with 2 residential units in Astoria has 3,667 square feet of built space and 1,203 square feet of additional air rights for a total buildable of 4,878 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 83 feet deep with a total lot size of 1,626 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 $668,000.

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 $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 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 3 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 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 13 of the 40 commercial properties representing 120,671 square feet of the 330,109 square feet. The largest owner is Triarch Real Estate Group, followed by Sandra Dozis and then Renata Pestic.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 330,109 square feet of built space are walkup buildings, with elevator buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Ioannis Likidis owned at least eight commercial properties with 37 residential units in New York City with 31,783 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 77 percent of the 31,783 square feet of built space are walkup properties, with mixed-use properties next occupying 15 percent of the space. They are all located in Queens.

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