Pericles Notias pays $3M for two properties in Astoria

Pericles Notias through the entity Karda Mila LLC paid $3 million to Vaia Bekas estate for the two-unit mixed-use building (K4) at 25-38 31st Street in Astoria, Queens and two-unit industrial building (F9) at 25-36 31st Street in Astoria, Queens.
The deal closed on March 31, 2023 and was recorded on April 6, 2023. The two properties have 5,500 square feet of built space and 3,598 square feet of additional air rights for a total buildable of 9,107 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $545 and the price per buildable square foot is $329 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 Vaia Bekas estate was Demetrios Bekas. The signatory for Pericles Notias was Pericles Notias.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 25-38 31st Street.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pericles Notias had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vaia Bekas estate had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Vaia Bekas, individual owner. The two properties with a total of 5,500 square feet of built space generated revenue of $177,037 per year or $32 per square foot. The sale price per square foot was $545.

The property

The mixed-use building with 2 residential units in Astoria has 5,500 square feet of built space and 3,598 square feet of additional air rights for a total buildable of 9,107 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,874 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $511,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 neighborhood

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 3.2 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 3.1 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 8 percent of the neighborhood’s built space.

The block

On the tax block of 25-38 31st Street, PincusCo has identified the owners of 14 of the 35 commercial properties representing 104,892 square feet of the 189,939 square feet. The largest owner is Zhou Xu, followed by Vasilios Falidas and then Tina Gasparre.
On the tax block, there was one new building construction project filed totaling 9,671 square feet. It is a 12-unit, 9,671 square-foot residential (R-2) building submitted by Eleni Dalagiorgou with plans filed December 14, 2018 and permitted August 11, 2021.

The majority, or 36 percent of the 189,939 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Pericles Notias owned at least five commercial properties with 314 residential units in New York City with 322,145 square feet and a city-determined market value of None. (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, all identified are elevator properties. The bulk, or 88 percent of the built space, is in Bronx, with Brooklyn next at 12 percent of the space.

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