Michael Karantinidis pays $4.1M for industrial in Long Island City

Michael Karantinidis through the entity Hephaistos Developing LLC paid $4.1 million to Robert J. Calleja through the entity Bobed Realty LLC for the industrial building (F9) at 39-13 23rd Street in Long Island City, Queens.
The deal closed on January 17, 2024 and was recorded on January 25, 2024. The property has 7,125 square feet of built space and 11,397 square feet of additional air rights for a total buildable of 18,532 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $571 and the price per buildable square foot is $219 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 Robert J. Calleja was Robert J. Calleja. The signatory for Michael Karantinidis was Michael Karantinidis. The contract date was April 23, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Michael Karantinidis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert J. Calleja had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Long Island City has 7,125 square feet of built space and 11,397 square feet of additional air rights for a total buildable of 18,532 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 185 feet deep with a total lot size of 9,266 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $865,000.

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 $1,000 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 neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 7th highest sale turnover among other neighborhoods in the city with $1.6 billion in sales volume in the last two years. For development, Long Island City is the 5th most active neighborhood among other neighborhoods. It had 7.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 30,680 square feet of the 89,792 square feet. The two identified owners are Ciampa Organization and Broadway Stages.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 89,792 square feet of built space are industrial buildings, with walkup buildings next occupying 24 percent of the space.

Direct link to Acris document. link