Kab Yong Bang pays $6.8M for three retail properties in Bayside

Kab Yong Bang through the entity Big Bang 45 LLC paid $6.8 million to Dennis Anastasis and Eleana Kokotos through the entity Anastasis Bros., Inc. for the adjacent retail buildings (K2) at 45-31, 45-37 and 45-43 Bell Boulevard in Bayside, Queens. The expected use is cash flowing.
The deal closed on September 25, 2024 and was recorded on September 30, 2024. The three properties have 23,794 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $287 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 Dennis Anastasis and Eleana Kokotos was Dennis Anastasis and Eleana Kokotos. The signatory for Kab Yong Bang was Kab Yong Bang. The contract date was May 22, 2024.

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 45-31 Bell Boulevard.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kab Yong Bang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dennis Anastasis had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Bayside has 23,794 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 89 feet deep with a total lot size of 5,062 square feet. The lot is irregular. The zoning is R4B which allows for up to 0.9 times floor area ratio (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 properties for the past 24 months. In addition, according to city public data, the properties have 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 Bayside, The bulk, or 42 percent of the 6.9 million square feet of commercial built space are specialty buildings, with walkup buildings next occupying 18 percent of the space. In sales, Bayside has the 26th highest sale turnover among other neighborhoods in Queens with $55.5 million in sales volume in the last two years. For development, Bayside has had very little major development activity relative to other neighborhoods.It had 170,319 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 45-31 Bell Boulevard, PincusCo has identified the owners of two of the four commercial properties representing 15,850 square feet of the 26,017 square feet. The identified owner is Theodore Anastasis.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 26,017 square feet of built space are retail buildings, with mixed-use buildings next occupying 9 percent of the space.

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