Ioannis Likidis pays $7M for mixed-use in Astoria

Ioannis Likidis through the entity Astoria Hoyt LLC paid $7 million to Helen Young through the entity Grecian Flame Realty Corp. for the mixed-use building (K2) at 25-02 31st Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on July 31, 2024 and was recorded on August 6, 2024. The property has 4,634 square feet of built space and 1,292 square feet of additional air rights for a total buildable of 5,926 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,510 and the price per buildable square foot is $1,181 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 Helen Young was Helen Young. The signatory for Ioannis Likidis was Ioannis Likidis. The contract date was February 13, 2024. Michael Young bought the building in 1976 for $312,500, according to a PincusCo analysis of city records.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ioannis Likidis purchased three properties in three transactions for a total of $10.3 million and has no record it sold any properties over the past 24 months.
The seller Helen Young had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Astoria has 4,634 square feet of built space and 1,292 square feet of additional air rights for a total buildable of 5,926 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 92 feet deep with a total lot size of 2,439 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.8 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 received $50 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 2.4 times the average sales volume among other neighborhoods with $625.8 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has 2.7 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were two 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 one of the 12 commercial properties representing 4,841 square feet of the 75,495 square feet. The identified owner is Mohammed Sajjad.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 75,495 square feet of built space are walkup buildings, with mixed-use buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Ioannis Likidis owned at least nine commercial properties with 40 residential units in New York City with 35,450 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 35,450 square feet of built space are walkup properties, with mixed-use properties next occupying 23 percent of the space. They are all located in Queens.

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