Neofitos Stefanides pays $4.8M for office building in Astoria

Neofitos Stefanides through the entity 30-74 31 Street LLC paid $4.8 million to Wing Tsoi through the entity Team One Realty Inc for the office building (O7) at 30-74 31st Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on November 8, 2024 and was recorded on November 20, 2024. The property has 11,091 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $432 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 seller bought the property on January 14, 2015, for $7 million. The signatory for Wing Tsoi was Wing Tsoi. The signatory for Neofitos Stefanides was Neofitos Stefanides. The contract date was May 5, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Neofitos Stefanides had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Wing Tsoi had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Astoria has 11,091 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 80 feet deep with a total lot size of 2,400 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.8 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 received $7,050 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 Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.2 times the average sales volume among other neighborhoods with $571.3 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 5th highest in Queens. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 86,872 square feet of built space are walkup buildings, with office buildings next occupying 33 percent of the space.

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