Payam Moradof, Frank Tehrani sign $9.2M refi with Chase for 29-unit rental in Astoria

Payam Moradof and Frank Tehrani through the entity Asto Crest Holding LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $9.2 million for the 29-unit residential elevator building (D6) at 23-33 Astoria Boulevard in Astoria, Queens.
The deal closed on May 18, 2026 and was recorded on June 17, 2026. The prior lender was Valley National Bank which held debt that had an original loan amount of $9 million.The property has 21,946 square feet of built space and 1,735 square feet of additional air rights for a total buildable of 23,670 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $420 and the price per buildable square foot is $389 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 December 27, 2019, for $2.4 million. The signatory for Payam Moradof and Frank Tehrani was Payam Moradof and Frank Tehrani. The signatory for JPMorgan Chase was Ursula Flores .

Prior sales, articles and revenue

The 21,946-square-foot property generated revenue of $795,543 or $36 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 29 residential units in Astoria has 21,946 square feet of built space and 1,735 square feet of additional air rights for a total buildable of 23,670 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 157 feet deep with a total lot size of 7,890 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 $3 million. JPMorgan Chase on May 18, 2026 bought a loan with an original principal of $9.0M from Valley National Bank signed by Victor Brown , secured by 23-33 Astoria Boulevard, when owned by Payam Moradof|Frank Tehrani.

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 one housing violation and $80 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 13, 2024. 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 12 of the 25 commercial properties representing 94,964 square feet of the 246,311 square feet. The largest owner is Steven Louros , followed by Emmanuel Koundourakis and then Ai Kopsidas.
On the tax block, there were three new building construction projects totaling 24,438 square feet. The largest is a 10-unit, 11,894 square-foot residential (R-2) building submitted by Elton Lalaj and filed by Elton Lalaj with plans filed July 3, 2024 and it has not been permitted yet. The second largest is a 11-unit, 7,538 square-foot residential (R-2) building submitted by Kostas Golfinopoulos with plans filed December 20, 2019 and permitted August 13, 2021.

The majority, or 45 percent of the 246,311 square feet of built space are walkup buildings, with elevator buildings next occupying 45 percent of the space.

The borrower

The PincusCo database currently indicates that Payam Moradof owned at least nine commercial properties with 239 residential units in New York City with 267,091 square feet and a PincusCo-determined asset value of $127.1 million. The portfolio has $29.1 million in debt, with top three lenders as Signature Bank , Valley National Bank, and LMF Commercial respectively. Within the portfolio, the bulk, or 60 percent of the 267,091 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 76 percent of the built space, is in Queens, with Brooklyn next at 20 percent of the space.
The PincusCo database currently indicates that Frank Tehrani owned at least nine commercial properties with 239 residential units in New York City with 267,091 square feet and a PincusCo-determined asset value of $127.1 million. Within the portfolio, the bulk, or 60 percent of the 267,091 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 76 percent of the built space, is in Queens, with Brooklyn next at 20 percent of the space.

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