Nikolaos Nikolaidis pays $9M for 42-unit rental in Astoria
Nikolaos Nikolaidis through the entity Odyssey Realty, Corp. paid $9 million to Keith Kurzner through the entity 25-31 30th Road Realty LLC for the 42-unit residential elevator building (D1) at 25-31 30th Road in Astoria, Queens.
The deal closed on February 5, 2024 and was recorded on February 8, 2024. The property has 34,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $264 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 Keith Kurzner was Keith Kurzner. The signatory for Nikolaos Nikolaidis was Nikolaos Nikolaidis. The contract date was January 4, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Nikolaos Nikolaidis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Keith Kurzner 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 Neal Kurzner, head officer and Keith Kurzner, shareholder. The business entity is 25-31 30th Road Realty Llc.
The property
The residential elevator building with 42 residential units in Astoria has 34,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 92 feet and is 100 feet deep with a total lot size of 9,267 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5 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 $50 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 two of the 11 commercial properties representing 90,614 square feet of the 364,665 square feet. The two identified owners are S.W. Management and Pistilli Realty Group.
On the tax block, there was one new building construction project filed totaling 183,503 square feet. It is a 183,503 square-foot institutional (I-2) building submitted by Ciferri Benedict with plans filed February 4, 2013 and permitted May 8, 2014.
The majority, or 60 percent of the 364,665 square feet of built space are specialty buildings, with elevator buildings next occupying 34 percent of the space.
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