Santo Petruso pays $3.1M for 16-unit walkup in Astoria

Santo Petruso through the entity 25-70 Realty LLC paid $3.1 million to Jorge J. Bolanos through the entity Vida 2570 Realty LLC for the 16-unit residential walkup building (C1) at 25-70 37th Street in Astoria, Queens.
The deal closed on February 21, 2023 and was recorded on February 27, 2023. The property has 10,736 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $288 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 seller bought the property on August 4, 2005, for $1.5 million. The signatory for Jorge J. Bolanos was Jorge J. Bolanos. The signatory for Santo Petruso was Santo Petruso.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Santo Petruso had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jorge J. Bolanos had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jorge Bolanos, head officer and Rosa Bolanos, officer. The business entities are Vida 2570 Realty Llc and Vida 2570 Realty Llc. The 10,736-square-foot property generated revenue of $239,807 or $22 per square foot, according to the most recent income and expense figures.

The property

The 25-70 37th Street parcel has frontage of 41 feet and is 100 feet deep with a total lot size of 4,100 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $921,000.

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 13 housing 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 block

On this tax block, PincusCo has identified the owners of 13 of the 34 commercial properties representing 79,485 square feet of the 254,308 square feet. The largest owner is Peter Milcetic, followed by Paul Pappas and then Junuz Dzaferovic.
On the tax block, there were six new building construction projects totaling 29,474 square feet. The largest is a seven-unit, 5,000-square-foot R-2 building developed by Nicolas Querrard with plans filed December 3, 2014 and it has not been permitted yet. The second largest is a seven-unit, 5,000-square-foot R-2 building developed by Shahryar Azizzadeh with plans filed March 9, 2020 and it has not been permitted yet.

The majority, or 68 percent of the 254,308 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Jorge J. Bolanos owned at least one commercial property in New York City with 47,636 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) The portfolio has $8.3 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single walkup property. It is located in Queens.

Direct link to Acris document. link