Leonardo Prainito pays $3M to Walter Wilfinger for 16-unit walkup in Astoria

Leonardo Prainito through the entity 492 Main Street LLC paid $3 million to Walter Wilfinger through the entity Qtl Realty LLC for the 16-unit residential walkup building (C1) at 25-28 42nd Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on May 30, 2025 and was recorded on June 9, 2025. The property has 10,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $275 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 Walter Wilfinger was Walter Wilfinger. The signatory for Leonardo Prainito was Leonardo Prainito. The contract date was March 1, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Leonardo Prainito purchased two properties in two transactions for a total of $4.7 million and has no record it sold any properties over the past 24 months.
The seller Walter Wilfinger purchased one property in one transaction for a total of $11.5 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bhheem Ramnrase, head officer and Bheem Ramnarase, site manager. The business entity is Qtl Realty Llc. The 10,700-square-foot property generated revenue of $237,470 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Astoria has 10,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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 $872,000. The property has 15 rent regulated units according to city tax records from 2023.

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 nine housing violations and $200 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 block

On this tax block, PincusCo has identified the owners of three of the 19 commercial properties representing 43,700 square feet of the 165,018 square feet. The largest owner is Triarch Real Estate Group, followed by Pistilli Realty Group and then Dominic Casamento.
On the tax block, there was one new building construction project filed totaling 8,874 square feet. It is a six-unit, 8,874 square-foot residential (R-2) building submitted by Frank Debono with plans filed July 20, 2017 and it has not been permitted yet.

The majority, or 98 percent of the 165,018 square feet of built space are walkup buildings, with mixed-use buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Walter Wilfinger owned at least four commercial properties with 354 residential units in New York City with 451,325 square feet and a city-determined market value of $22.4 million. (Market value is typically about 50% of actual value.) The portfolio has $37.9 million in debt, borrowed from Ridgewood Savings Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 88 percent of the 451,325 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Leonardo Prainito owned at least two commercial properties with 26 residential units in New York City with 15,142 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

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