Nicholas Notias signs $7M loan for 20-unit rental in Astoria
28-15 35th Street (Credit - Cyclomedia)
Nicholas Notias through the entity 35th Street Realty, LLC as borrower signed a loan with lender Webster Bank valued at $7 million for the 20-unit residential elevator building (D1) at 28-15 35th Street in Astoria, Queens.
The deal closed on July 31, 2023 and was recorded on August 4, 2023. The property has 16,685 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $419 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 owner bought the property on July 23, 2016, for $3 million.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Nicholas Notias, head officer and Georgina Notias, officer. The business entity is 35th Street Realty Llc.
The property
The parcel has frontage of about 50 feet and is 109 feet deep with a total lot size of 5,474 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 $891,000.
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
For the tax lot building, it received its initial certificate of occupancy on June 22, 2023. 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 seven of the 12 commercial properties representing 103,421 square feet of the 140,394 square feet. The largest owner is Anthony&Christine Giambrone, followed by Apostolos Karalexis and then Charles Davi.
There are no active new building construction projects on this tax block.
The majority, or 46 percent of the 140,394 square feet of built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space.
Direct link to Acris document. link