Nikolaos Nikolaidis pays $5.5M for 16-unit walkup in Astoria

Nikolaos Nikolaidis through the entity Odyssey Realty, Corp. paid $5.5 million to Charles Restivo through the entity 29-12 Newtown LLC for the 16-unit residential walkup building (C1) at 29-12 Newtown Avenue in Astoria, Queens.
The deal closed on May 2, 2024 and was recorded on May 7, 2024. The property has 11,820 square feet of built space and 1,712 square feet of additional air rights for a total buildable of 13,518 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $465 and the price per buildable square foot is $406 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 May 24, 2018, for $5.6 million. The signatory for Charles Restivo was Charles Restivo. The signatory for Nikolaos Nikolaidis was Nikolaos Nikolaidis. The contract date was March 4, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Nikolaos Nikolaidis purchased one property in one transaction for a total of $9 million and has no record it sold any properties over the past 24 months.
The seller Charles Restivo 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 Sal Restivo, head officer and Jp Moda, site manager. The business entities are The Ferrara Management Group, Inc and 29-12 Newtown Avenue Llc.

The property

The residential walkup building with 16 residential units in Astoria has 11,820 square feet of built space and 1,712 square feet of additional air rights for a total buildable of 13,518 square feet according to a PincusCo analysis of city data. The parcel has frontage of 45 feet and is 95 feet deep with a total lot size of 4,506 square feet. The lot is irregular. 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 $1.7 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 three DOB violations, $3,750 in ECB penalties, 10 housing violations, and $3,750 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 block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 34,230 square feet of the 158,939 square feet. The largest owner is Giuseppe Vaccaro, followed by Dimitrios Vasiliadis and then Christos Tsetsekas.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 158,939 square feet of built space are specialty buildings, with walkup buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Nikolaos Nikolaidis owned at least one commercial property with 42 residential units in New York City with 34,000 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

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