Medhat Mohamed pays $2M for 9-unit walkup in Astoria

Medhat K. Mohamed through the entity Astoria 2337 LLC paid $2 million to Theodore Douros through the entity 23-37 Astoria Blvd, LLC for the nine-unit residential walkup building (C1) at 23-37 Astoria Boulevard in Astoria, Queens.
The deal closed on February 1, 2024 and was recorded on February 14, 2024. The property has 5,400 square feet of built space and 1,551 square feet of additional air rights for a total buildable of 6,945 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $370 and the price per buildable square foot is $287 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 Theodore Douros was Theodore Douros. The signatory for Medhat K. Mohamed was Medhat K. Mohamed.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Medhat K. Mohamed purchased one property in one transaction for a total of $2.2 million and has no record it sold any properties over the past 24 months.
The seller Theodore Douros 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 Theodore Douros, head officer and Peter Douros, officer. The business entity is 23-37 Astoria Blvd Llc.

The property

The residential walkup building with 9 residential units in Astoria has 5,400 square feet of built space and 1,551 square feet of additional air rights for a total buildable of 6,945 square feet according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 73 feet deep with a total lot size of 2,315 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $954,000.

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 four housing violations and $250 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 10 of the 25 commercial properties representing 65,363 square feet of the 246,311 square feet. The largest owner is Theodore Douros, followed by Perry Moradof and then Payam Moradof.
On the tax block, there were five new building construction projects totaling 51,063 square feet. The largest is a 29-unit, 20,696 square-foot residential (R-2) building submitted by Perry Moradof with plans filed January 4, 2021 and permitted December 17, 2021. The second largest is a 12-unit, 9,006 square-foot residential (R-2) building submitted by Tony Dagounakis with plans filed June 3, 2015 and permitted December 17, 2015.

The majority, or 45 percent of the 246,311 square feet of built space are walkup buildings, with elevator buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Theodore Douros owned at least one commercial property with nine residential units in New York City with 5,400 square feet and a city-determined market value of $954,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Medhat K. Mohamed owned at least one commercial property with six residential units in New York City with 4,080 square feet and a city-determined market value of $831,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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