Kwang On Bang pays $4.3M for mixed-use in Astoria

Kwang On Bang through the entity Central Bk Properties Corp. paid $4.3 million to John Budis through the entity Jbs Steinway LLC for the two-unit mixed-use building (S2) at 30-26 Steinway Street in Astoria, Queens.
The deal closed on April 14, 2023 and was recorded on April 21, 2023. The property has 5,500 square feet of built space and 1,377 square feet of additional air rights for a total buildable of 6,885 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $781 and the price per buildable square foot is $624 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 seller bought the property on December 16, 2010, for $1.1 million. The signatory for John Budis was John Budis. The signatory for Kwang On Bang was Kwang On Bang.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kwang On Bang had purchased any other properties and sold one property in one transactions for a total of $1.4 million over the past 24 months.
The seller John Budis had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Astoria has 5,500 square feet of built space and 1,377 square feet of additional air rights for a total buildable of 6,885 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,295 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 $1.7 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 21, 2021. 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 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.1 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 52 commercial properties representing 20,723 square feet of the 228,968 square feet. The largest owner is Simkho Aranbayev, followed by Manouchehr Malekan and then George Arnitsis.
On the tax block, there were two new building construction projects totaling 13,840 square feet. The largest is a eight-unit, 7,144 square-foot residential (R-2) building submitted by Robert Last with plans filed September 12, 2014 and permitted April 6, 2017. The second largest is a five-unit, 6,696 square-foot residential (R-2) building submitted by John Budis with plans filed November 22, 2019 and it has not been permitted yet.

The majority, or 51 percent of the 228,968 square feet of built space are mixed-use buildings, with retail buildings next occupying 22 percent of the space.

Direct link to Acris document. link