Peak Capital Advisors pays $4.4M for 20-unit walkup in Astoria

Peak Capital Advisors through the entity 3230 Owner LLC paid $4.4 million to Constantine Dean Kartsonis through the entity Karstonis Realty II, LLC for the midblock 20-unit residential walkup building at 32-30 41st Street in Astoria, Queens.
The deal closed on May 17, 2022 and was recorded on June 1, 2022.The property has 9,880 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $445 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Dean Kartsonis, head officer and Athanasia Kartsonis, officer. The business entity is Kartsonis Realty II.

The property

The 32-30 41st Street parcel has frontage of 40 feet and is 95 feet deep with a total lot size of 3,800 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received three housing violations and $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 $5 million on this tax lot.

The neighborhood

In Astoria, the bulk, or 27 percent of the 54.6 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 23 percent of the space. In sales, Astoria has 2.8 times the average sales volume among other neighborhoods with $761.9 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 35 commercial properties representing 84,921 square feet of the 346,732 square feet. The largest owner is George Liakaris, followed by JOHN XIKIS of PH and then Odin Realty. There is one active new building construction project totaling 18,527 square feet. It is a 25-unit, 18,527-square-foot R-2 building developed by Thomas Theofilotas with plans filed March 15, 2018 and permitted October 31, 2019.

The majority, or 52 percent of the 353,649 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

Surrounding

Within a 400-foot radius of 32-30 41st Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $342,594. The most recent of these two items was the permit on October 19, 2021 for a 7,930-square-foot R-3 building with two residential units at 32-24 Steinway St.
Of those five items, two were sales above $5 million totaling $15.6 million. The most recent of the two was Odin Realty which bought the 11,996-square-foot, 18-unit rental (C7) on 32-57 Steinway Street and one other property for $7.2 million from Estate of John Xikis on March 17, 2021.
One of those five items was a loan which George Liakaris borrowed $5.6 million from New York Community Bank secured by the 9,880-square-foot, 20-unit rental (C1) on 32-22 41st Street and one other property on March 4, 2021.

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