John Lyristakis pays $3.9M for 22-unit walkup in Astoria

John Lyristakis through the entity JSM 25-53 LLC paid $3.9 million to Maria Peculic through the entity 32-78 & 80 Steinway Street Realty Corp for the 22-unit residential walkup building (C7) at 32-78 Steinway Street in Astoria, Queens.
The deal closed on February 23, 2023 and was recorded on March 6, 2023. The property has 13,200 square feet of built space and 315 square feet of additional air rights for a total buildable of 13,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $295 and the price per buildable square foot is $288 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 Maria Peculic was Maria Peculic. The signatory for John M. Lyristakis was John M. Lyristakis.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer John M. Lyristakis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maria Peculic 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 Maria Peculic, head officer and Ivan Peculic, officer. The business entity is 32-78&80 Steinway Street Realty Corp. The 13,200-square-foot property generated revenue of $193,015 or $15 per square foot, according to the most recent income and expense figures.

The property

The 32-78 Steinway Street parcel has frontage of 50 feet and is 90 feet deep with a total lot size of 4,500 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 $906,000.

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 $580 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 five of the 27 commercial properties representing 21,780 square feet of the 151,441 square feet. The largest owner is Joseph Illes, followed by John Giannourakis and then Domenico Pinto.
On the tax block, there was one new building construction project filed totaling 3,343 square feet. It is a three-unit, 3,343-square-foot R-2 building developed by Steve Lagoudis with plans filed February 6, 2015 and permitted August 2, 2017.

The majority, or 58 percent of the 151,441 square feet of built space are retail buildings, with mixed-use buildings next occupying 18 percent of the space.

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