Nicholas Notias, Richard L’Esperance pay $3.7M for dev site in Astoria

Nicholas Notias and Richard L’Esperance through the entities NN30 Realty LLC and RL30 Realty LLC paid $3.7 million to Salvatore Restrivo and Charles Restrivo through the entity 27-11 30th Avenue LLC for the development site (V1) at 27-11 30th Avenue in Astoria, Queens.
The deal closed on May 15, 2023 and was recorded on May 22, 2023. The property has zero square feet of built space and 15,600 square feet of additional air rights for a total buildable of 15,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $237 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 October 26, 2015, for $4.3 million. The signatory for Salvatore Restrivo and Charles Restrivo was Salvatore Restrivo and Charles Restrivo. The signatory for Nicholas Notias and Richard L’Esperance was George Magriples. Nicholas Notias is the signatory for properties owned with the address 29-10 120TH STREET FLUSHING NY 11354 and CEO for the entity. Richard L’Esperance is the registered agent for RL30 REALTY, LLC 

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nicholas Notias had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Salvatore Restrivo had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 50 feet and is 104 feet deep with a total lot size of 5,200 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 $449,000.

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 not received any significant violations in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 31,079 square feet. The largest is a new building project for a 20-unit, 15,580 square-foot R-2 building submitted by Ralph Alfano with plans filed September 12, 2017 and it has not been permitted yet. The second largest is a new building project for a 16-unit, 15,499 square-foot R-2 building submitted by Ralph Alfano with plans filed April 21, 2016 and it has not been permitted yet.

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 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.2 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 44,286 square feet of the 153,420 square feet. The largest owner is John Gupta, followed by Javesti Investing and then Georgios Petsiavas.
On the tax block, there were five new building construction projects totaling 53,092 square feet. The largest is a 20-unit, 15,580 square-foot residential (R-2) building submitted by Ralph Alfano with plans filed September 12, 2017 and it has not been permitted yet. The second largest is a 16-unit, 15,499 square-foot residential (R-2) building submitted by Ralph Alfano with plans filed April 21, 2016 and it has not been permitted yet.

The majority, or 58 percent of the 153,420 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.

Direct link to Acris document. link