Savas Tsitiridis pays $6.2M for industrial in Sunnyside

Savas Tsitiridis through the entity 38-15 Queens LLC paid $6.2 million to William B. Harrigan Jr. through the entity Kingston Sunnyside Propco LLC for the industrial building (G2) at 43-01 39th Street in Sunnyside, Queens.
The deal closed on May 22, 2023 and was recorded on May 26, 2023. The property has 12,500 square feet of built space and 12,500 square feet of additional air rights for a total buildable of 25,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $250 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 December 23, 2019, for $5.2 million. The signatory for William B. Harrison Jr. was William B. Harrigan Jr. The signatory for Savas Tsitiridis was Savas Tsitiridis. Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Savas Tsitiridis had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller William B. Harrison Jr. had not purchased any other properties and had not sold any properties over the same time period. The 12,500-square-foot property generated revenue of $256,750 or $21 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Sunnyside has 12,500 square feet of built space and 12,500 square feet of additional air rights for a total buildable of 25,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.4 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 $1,080 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 Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $292.3 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 492,434 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 69,700 square feet of the 160,940 square feet. The two identified owners are Kingston Sunnyside Propco Llc and A&E Real Estate Holdings.
On the tax block, there was one new building construction project filed totaling 41,428 square feet. It is a 48-unit, 41,428 square-foot residential (R-2) building submitted by Ramesh Vig with plans filed November 14, 2017 and permitted July 3, 2019.

The majority, or 53 percent of the 160,940 square feet of built space are walkup buildings, with elevator buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that Savas Tsitiridis owned at least one commercial property with six residential units in New York City with 4,800 square feet and a city-determined market value of $977,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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