Joseph Rubin, Jason Edelman pay $2.7M for four small properties in Astoria

Joseph Rubin and Jason Edelman through the entity 1435 27th Avenue LLC paid $2.7 million to the estate of Maria Sarikis Floropoulos for the three-unit 1-4 family building (C0) at 26-36 18th Street in Astoria, Queens, three-unit 1-4 family building (C0) at 26-38 18th Street in Astoria, Queens, and four-unit 1-4 family building (C3) at 14-37 27th Avenue in Astoria, Queens.
The deal closed on November 29, 2023 and was recorded on December 4, 2023. The four properties have 5,295 square feet of built space and 10,481 square feet of additional air rights for a total buildable of 15,802 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $514 and the price per buildable square foot is $172 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 Sarikis Floropoulos was Anastasios Sarikis. The signatory for Joseph Rubin and Jason Edelman was Joseph Rubin. The sale was subject to Queens County Surrogate file number 2022-3959. Joseph Rubin is the managing member.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 14-37 27th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Rubin had purchased any other properties and sold one property in one transactions for a total of $1.1 million over the past 24 months.
The seller Maria Sarikis Floropoulos had not purchased any other properties and had not sold any properties over the same time period.

The property

The buildings in Astoria have 5,295 square feet of built space and 10,481 square feet of additional air rights for a total buildable of 15,802 square feet according to a PincusCo analysis of city data.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $300 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 14-37 27th Avenue, PincusCo has identified the owners of five of the 15 commercial properties representing 36,990 square feet of the 87,227 square feet. The largest owner is Sefkija Radoncic, followed by Salvatore Prainito and then Franco Colangelo.
On the tax block, there were seven new building construction projects totaling 80,050 square feet. The largest is a 12-unit, 31,319 square-foot residential (R-2) building submitted by Steve Grzic with plans filed December 5, 2013 and permitted May 12, 2015. The second largest is a two-unit, 9,726 square-foot residential (R-3) building submitted by Jin Ling Zheng with plans filed March 24, 2021 and permitted November 17, 2021.

The majority, or 92 percent of the 87,227 square feet of built space are walkup buildings, with mixed-use buildings next occupying 4 percent of the space.

The buyer

The PincusCo database currently indicates that Joseph Rubin owned at least two commercial properties in New York City with 0.0 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are industrial properties, with V0 properties next occupying 0 percent of the space.

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