Laborers Local 78 pays $3.6M for office in Woodside

Laborers Local 78 through the entity Local 78 Realty Corp paid $3.6 million to Spyro Avdoulos through the entity Dio Long LLC for the office building (O5) at 58-18 37th Avenue in Woodside, Queens.
The deal closed on February 16, 2023 and was recorded on February 17, 2023. The property has 4,900 square feet of built space and 2,625 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $744 and the price per buildable square foot is $486 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 October 11, 2019, for $2.7 million. The signatory for Spyro Avdoulos was Spyro Avdoulos. The signatory for Laborers Local 78 was Pawel Gruchacz.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Laborers Local 78 had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Spyro Avdoulos had not purchased any other properties and sold one properties in one transactions for a total of $1.4 million over the same time period. The 4,900-square-foot property generated revenue of $126,812 or $26 per square foot, according to the most recent income and expense figures.

The property

The 58-18 37th Avenue parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $506,000.

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 $100 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 neighborhood

In Woodside, the bulk, or 27 percent of the 12.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 24 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $161.8 million in sales volume in the last two years. For development, Woodside has near average amount of major developments among other neighborhoods and is the 9th highest in Queens. It had 856,731 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 15 commercial properties representing zero square feet of the 60,140 square feet. The identified owner is Lirr.
On the tax block, there were two new building construction projects totaling 5,885 square feet. The largest is a three-unit, 3,034-square-foot R-2 building developed by Sal Dimuro with plans filed October 9, 2014 and it has not been permitted yet.The second largest is a three-unit, 2,851-square-foot R-2 building developed by Salvatore Dimuro with plans filed September 13, 2017 and permitted April 22, 2019.

The majority, or 56 percent of the 60,140 square feet of built space are industrial buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Spyro Avdoulos owned at least one commercial property in New York City with 20,000 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from 4709-36, LLC. The portfolio consists of at least a single industrial property. It is located in Queens.

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