Ivan Turkalj pays $6.7M for residential walkup in Sunnyside

Ivan Turkalj through the entity 43-09 52nd Street LLC paid $6.7 million to Sotirios Econopouly through the entity 43-09 52 St. Realty LLC for 11-unit residential walkup building (C1) at 43-09 52nd Street in Sunnyside, Queens.
The deal closed on July 15, 2022 and was recorded on July 27, 2022. The property has 8,076 square feet of built space and 15,900 square feet of additional air rights for a total buildable of 24,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $829 and the price per buildable square foot is $279 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 Sotirios Econopouly was Sotirios Econopouly. The signatory for Ivan Turkalj was Ivan Turkalj.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Ivan Turkalj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sotirios Econopouly 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 Sotirios Econopouly, head officer and Joanne Panagopoulos, officer. The business entity is 43-09 52 Street Realty Corp. The 8,076-square-foot property generated revenue of $182,456 or $23 per square foot, according to the most recent income and expense figures.

The property

The 43-09 52nd Street parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2009 and expires in 2024. The city-designated market value for the property in 2022 is $957,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received four housing violations and $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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 23 commercial properties representing 127,437 square feet of the 175,583 square feet. The largest owner is George Tsilogiannis, followed by Ovidiu Mihu and then Peter Asadourian. There are six active new building construction projects totaling 179,847 square feet. The largest is a 16-unit, 10,717-square-foot R-2 building developed by Jan How Kang with plans filed June 6, 2018 and it has not been permitted yet.The second largest is a 14-unit, 9,420-square-foot R-2 building developed by Jan How Kang with plans filed December 22, 2014 and it has not been permitted yet.

the majority, or 44 percent of the 159,668 square feet of built space are walkup buildings, with elevator buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Sotirios Econopouly owned at least two commercial properties in New York City with 46,722 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Alma Bank. Within the portfolio, the bulk, or 83 percent of the 46,722 square feet of built space are office properties, with walkup properties next occupying 17 percent of the space. They are all located in Queens.

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