Medhat Mohamed pays $2.2M for 6-unit walkup in Astoria

Medhat K. Mohamed through the entity 2618 LLC paid $2.2 million to Frank M. Soccoli, Mark Anthony Soccoli, and Rita Dumanski for the six-unit residential walkup building (C2) at 26-18 28th Street in Astoria, Queens.
The deal closed on November 18, 2022 and was recorded on December 1, 2022. The property has 4,080 square feet of built space and 925 square feet of additional air rights for a total buildable of 5,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $539 and the price per buildable square foot is $440 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 Frank M. Soccoli, Mark Anthony Soccoli, and Rita Dumanski was Frank M. Soccoli, Mark Anthony Soccoli, and Rita Dumanski. The signatory for Medhat K. Mohamed was Medhat K. Mohamed.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Medhat K. Mohamed had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank M. Soccoli had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Constantina Soccoli, head officer and Mark Soccoli, joint owner. The business entity is Mark Soccoli 26-18 28th Street. The 4,080-square-foot property generated revenue of $89,230 or $22 per square foot, according to the most recent income and expense figures.

The property

The 26-18 28th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $795,000.

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 $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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 23 commercial properties representing 35,755 square feet of the 119,171 square feet. The two identified owners are Jerry Vlachos and Robert Negreira.
On the tax block, there were two new building construction projects totaling 3,623 square feet. The largest is a five-unit, 3,623-square-foot R-2 building developed by Vincent Maimone with plans filed September 23, 2013 and it has not been permitted yet.The second largest is a 27-unit, zero-square-foot R-2 building developed by Robert Cerrone with plans filed November 16, 2022 and it has not been permitted yet.

The majority, or 44 percent of the 119,171 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

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