Mortar Group pays $2.4M for 6-unit walkup in Astoria

Anthony Morena’s Mortar Group through the entity 43rd Street MG LLC paid $2.4 million for the six-unit residential walkup building (C2) at 30-93 43rd Street in Astoria, Queens.
The deal closed on April 25, 2024 and was recorded on May 13, 2024. The property has 6,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $373 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 Jean C. Marin was John A. Marin. The signatory for Mortar Group was Anthony Morena. The contract date was January 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Mortar Group purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Jean C. Marin 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 Jean Marin, head officer and Allyson Marin, site manager. The business entity is Jean C Marin, Trustee, Jean C Marin, Rev.

The property

The residential walkup building with 6 residential units in Astoria has 6,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 32 feet and is 100 feet deep with a total lot size of 3,200 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 $1.4 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 not received any significant violations 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 15 of the 47 commercial properties representing 80,863 square feet of the 254,316 square feet. The largest owner is Vito Barretta, followed by Spiro Gatanas and then Rocco Sacco.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 254,316 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Mortar Group owned at least four commercial properties with 24 residential units in New York City with 22,047 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio has $29.6 million in debt, with top three lenders as DR Bank, Hirshmark Capital, and Popular Bank respectively. Within the portfolio, the bulk, or 59 percent of the 22,047 square feet of built space are elevator properties, with development properties next occupying 19 percent of the space. They are all located in Brooklyn.

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