Silverline Group pays $5.3M for dev site in Astoria

Silverline Group through the entity 3078 LLC paid $5.3 million to Catherine Fecci through the entity Estate Of Catherine Fecci for the two-unit building (B2) at 30-78 29th Street in Astoria, Queens.
On the lot, there is one active new building construction project for a 27-unit, 18,611 square-foot R-2 building. The project was submitted by Silverline Group and filed by Desmond Neill with plans filed November 27, 2023 and it has not been permitted yet.
The deal closed on November 17, 2023 and was recorded on December 15, 2023. The property has 1,872 square feet of built space and 16,274 square feet of additional air rights for a total buildable of 18,150 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,831 and the price per buildable square foot is $292 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 Catherine Fecci was Jane Fecci. The signatory for Silverline Group was Tao Tao and Tony El-Hadi. The contract date was September 12, 2023. The seller is the estate of Catherine Fecci.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Silverline Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Catherine Fecci had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1-4 family building with 2 residential units in Astoria has 1,872 square feet of built space and 16,274 square feet of additional air rights for a total buildable of 18,150 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,050 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. 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 not received any significant violations in the last year.

Development

The block

On this tax block, PincusCo has identified the owners of eight of the 12 commercial properties representing 187,152 square feet of the 276,602 square feet. The largest owner is Urban American Management, followed by Sanford Petropoulos and then Sal Lucchese.
On the tax block, there were three new building construction projects totaling 40,880 square feet. The largest is a 27-unit, 18,611 square-foot residential (R-2) building submitted by Silverline Group and filed by Desmond Neill with plans filed November 27, 2023 and it has not been permitted yet. The second largest is a 13-unit, 11,321 square-foot residential (R-2) building submitted by Eric Belanich with plans filed April 27, 2021 and permitted September 12, 2022.

The majority, or 64 percent of the 276,602 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

Direct link to Acris document. link