Leonardo Prainito pays $3.1M for 20-unit walkup in Astoria

Leonardo Prainito through the entity MCN Astoria LLC paid $3.1 million to Gus Kodogiannis through the entity Barbmari, Inc for the 20-unit residential walkup building (C1) at 32-52 41st Street in Astoria, Queens.
The deal closed on May 13, 2024 and was recorded on May 28, 2024. The property has 9,880 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $316 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 August 12, 2005, for $3 million. The signatory for Gus Kodogiannis was Gus Kodogiannis. The signatory for Leonardo Prainito was Leonardo Prainito. The contract date was February 8, 2024. Eiichiro Kobayashi owns Maverick Properties.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Leonardo Prainito had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gus Kodogiannis had not purchased any other properties and sold one properties in one transactions for a total of $3.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Gus Kodogiannis, head officer and Gus Kodogionnis, site manager. The business entity is Gus Kodogiannis. The 9,880-square-foot property generated revenue of $314,041 or $32 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 20 residential units in Astoria has 9,880 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 95 feet deep with a total lot size of 3,800 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 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 received one DOB violation, 17 housing violations, and one housing litigation 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 block

On this tax block, PincusCo has identified the owners of nine of the 33 commercial properties representing 94,801 square feet of the 342,184 square feet. The largest owner is Vasilios Falidas, followed by Thomas Theofilatos and then Peak Capital Advisors.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 342,184 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Gus Kodogiannis owned at least three commercial properties with 20 residential units in New York City with 16,302 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 16,302 square feet of built space are walkup properties, with mixed-use properties next occupying 41 percent of the space. They are all located in Brooklyn.

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