Robert Cerrone, president of Park Construction Corp. submitted a new building construction project for a 30,402-square-foot, 27-unit residential (R-2) building at 25-23 Newtown Avenue in Astoria, Queens. The plan was filed with the New York City Department of Buildings on November 16, 2022 under job number Q08037894. It calls for the construction of a seven-story building. The project is described in the filing as: proposed new seven (7) story twenty-seven (27) dwelling unit residential building with (14) parking spaces on the ground. The architect is Gerald Caliendo Architects.
The current property has 2 residential units with 2,610 square feet of built space and 15,531 square feet of additional air rights for a total buildable of 18,166 square feet according to a PincusCo analysis of city data. The property is owned by Robert Cerrone. The parcel has two buildings with frontage of 45 feet and is 200 feet deep with a total lot size of 9,083 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million.
Prior sales and revenue
This property was sold by Young J. Ahn for $4.8 million to Robert Cerrone on September 9, 2022.
Robert Cerrone, president of Park Construction Corp. submitted a new building construction project for a 27-unit residential (R-2) building at 25-23 Newtown Avenue. The plan was filed on November 16, 2022. It calls for the construction of a 70-foot tall, seven-story building and was filed with the New York City Department of Buildings under job number Q08037894. The architect is Gerald Caliendo Architects. The project is described in the filing as: proposed new seven (7) story twenty-seven (27) dwelling unit residential building with (14) parking spaces on the ground.
Violations and lawsuits
According to city public data, the property has received $350 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
In Astoria, the bulk, or 37 percent of the 39.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Astoria has near 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 is the 9th most active neighborhood among other neighborhoods. It had 4.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.
On this tax block, PincusCo has identified the owners of two of the 23 commercial properties representing 35,755 square feet of the 119,171 square feet. The two identified owners are Jerry Vlachos and Robert Negreira. On the tax block, there were two new building construction projects. The largest is a 27-unit residential (R-2) building submitted by Park Construction Corp. and filed by Robert Cerrone with plans filed November 16, 2022 and it has not been permitted yet. The second largest is a five-unit, 3,623 square-foot residential (R-2) building submitted by Vincent Maimone with plans filed September 23, 2013 and it has not been permitted yet.
The PincusCo database currently indicates that Robert Cerrone owned at least three commercial properties with seven residential units in New York City with 8,750 square feet and a city-determined market value of $6 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from TriState Capital Bank. Within the portfolio, the bulk, or 43 percent of the 8,750 square feet of built space are C0 properties, with B2 properties next occupying 30 percent of the space. They are all located in Queens.
Within a 400-foot radius of 25-23 Newtown Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit application with a total initial cost of $683,640 and one permit with a total initial cost of $639,360. The most recent of these two items was the filing on March 21, 2022 for a 4,625-square-foot residential (R-2) building with eight residential units at 27-10 Crescent Street.