Pericles Notias through the entity Crescent Court, LLC paid $3.9 million for the two-unit mixed-use building (K4) at 23-57 31st Avenue in Astoria, Queens.
The deal closed on October 13, 2023 and was recorded on November 14, 2023. The property has 5,126 square feet of built space and 9,370 square feet of additional air rights for a total buildable of 14,490 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $760 and the price per buildable square foot is $269 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 signatories for the sellers were Samuel D’Alessandro, Mary Levasseur, and Helen Hulings. The signatory for Pericles Notias was Pericles Notias. The contract date was August 2, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Pericles Notias purchased two properties in one transaction for a total of $3 million and has no record it sold any properties over the past 24 months.
The seller Samuel D’Alessandro had not purchased any other properties and had not sold any properties over the same time period. The 5,126-square-foot property generated revenue of $124,119 or $24 per square foot, according to the most recent income and expense figures.
The mixed-use building with 2 residential units in Astoria has 5,126 square feet of built space and 9,370 square feet of additional air rights for a total buildable of 14,490 square feet according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 110 feet deep with a total lot size of 4,830 square feet. 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 $706,000.
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 not received any significant violations in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 3 times the 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 has 3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 50,215 square feet of the 128,368 square feet. The largest owner is Salijo Sefovic, followed by Park Construction Corp. and then Oriana Stevkovski.
On the tax block, there were two new building construction projects totaling 23,855 square feet. The largest is a 21-unit, 15,520 square-foot residential (R-2) building submitted by Robert Cerrone with plans filed May 17, 2019 and permitted December 11, 2019. The second largest is a 10-unit, 8,335 square-foot residential (R-2) building submitted by Deodatt Samaroo with plans filed June 30, 2016 and it has not been permitted yet.
The majority, or 59 percent of the 128,368 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.
The PincusCo database currently indicates that Pericles Notias owned at least seven commercial properties with 318 residential units in New York City with 327,645 square feet and a city-determined market value of $34.9 million. (Market value is typically about 50% of actual value.) The portfolio has $23.6 million in debt, with top three lenders as New York Community Bank, Popular Bank, and Investors Bank respectively. Within the portfolio, the bulk, or 98 percent of the 327,645 square feet of built space are elevator properties, with industrial properties next occupying 1 percent of the space. The bulk, or 87 percent of the built space, is in Bronx, with Brooklyn next at 12 percent of the space.
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