Pericles Notias pays $4.2M for retail in Ditmars Steinway

Pericles Notias through the entity Edge Manor, LLC paid $4.2 million to Gregory Andruk and Madelyn Andruk for the retail building (K1) at 23-01 31st Street in Ditmars Steinway, Queens.
The deal closed on February 15, 2024 and was recorded on February 21, 2024. The property has 4,251 square feet of built space and 6,706 square feet of additional air rights for a total buildable of 10,937 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $999 and the price per buildable square foot is $388 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 Gregory Andruk and Madelyn Andruk was Madelyn Andruk. The signatory for Pericles Notias was Pericles Notias. The contract date was January 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Pericles Notias purchased three properties in two transactions for a total of $6.9 million and has no record it sold any properties over the past 24 months.
The seller Gregory Andruk had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Ditmars Steinway has 4,251 square feet of built space and 6,706 square feet of additional air rights for a total buildable of 10,937 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 90 feet deep with a total lot size of 4,501 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 $1.5 million.

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 $150 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 $1 million on this tax lot.

The neighborhood

In Ditmars Steinway, The bulk, or 41 percent of the 11.1 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has had very little sales volume relative to other neighborhoods with $108.7 million in sales volume in the last two years. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 506,189 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 30 commercial properties representing 156,340 square feet of the 236,242 square feet. The largest owner is Yiannis Konstantinidis, followed by Sun-Man Raymond Chan and then Stella Bosch.
On the tax block, there was one new building construction project filed totaling 48,566 square feet. It is a 52-unit, 48,566 square-foot residential (R-2) building submitted by Gandolfo DiFiore and filed by Gandolfo Difiore with plans filed March 15, 2021 and permitted June 10, 2022.

The majority, or 40 percent of the 236,242 square feet of built space are office buildings, with walkup buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Pericles Notias owned at least eight commercial properties with 320 residential units in New York City with 332,771 square feet and a city-determined market value of $35.6 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 97 percent of the 332,771 square feet of built space are elevator properties, with mixed-use properties next occupying 2 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Brooklyn next at 12 percent of the space.

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