Related Companies pays $61M to estate of Nikos Mouyiaris for building in Long Island City

Related Companies through the entity 3202 Queens Blvd Owner, LLC paid $61 million to Estate of Nikos Mouyiaris through the entity Ariana Realty Company LLC for the office at 32-02 Queens Boulevard in Long Island City, Queens. The building is divided into four commercial condominium units.
The deal closed on July 28, 2022 and was recorded on August 4, 2022. The four properties have 327,763 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $186 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 Estate of Nikos Mouyiaris was Lawrence Weinstock. The signatory for Related Companies was Patrick Sweeney. The sale was financed with a $38.9 million loan from Citizens Bank. The Commercial Observer first reported Related was the buyer.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Related Companies purchased 10 properties in three transactions for a total of $510.7 million and sold 24 properties in 17 transactions for a total of $1.2 billion over the past 24 months.
The seller Estate of Nikos Mouyiaris had not purchased any other properties and had not sold any properties over the same time period.

The property

The 32-02 Queens Boulevard parcel has a total lot size of 195,645 square feet. The city-designated market value for the property in 2022 is $17.5 million.The most recent loan totaled $10 million and was provided by Ariana Realty Company on February 1, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Long Island City, the bulk, or 34 percent of the 63.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 32 percent of the space. In sales, Long Island City has the 6th highest sale turnover among other neighborhoods in the city with $1.8 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 8.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 32-02 Queens Boulevard, PincusCo has identified the owners of three of the five commercial properties representing 308,088 square feet of the 366,132 square feet. The identified owner is Estate of Nikos Mouyiaris.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 58,044 square feet of built space are specialty buildings, with retail buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Related Companies owned at least 221 commercial properties in New York City with 28,748,046 square feet and a city-determined market value of $8.9 billion. (Market value is typically about 50% of actual value.) The portfolio has $4.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 35 percent of the 28,748,046 square feet of built space are elevator properties, with office properties next occupying 31 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.

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