Stylianos Aniftos pays $8.5M for likely dev site in Astoria

Stylianos Aniftos through the entity Aniska28 Realty LLC paid $8.5 million to Sungmin Ahn through the entity D-Ahn Development LLC for the mixed-use and industrial buildings at 26-28, 26-30 and 26-34 28th Street in Astoria, Queens. The expected use is ground up development.
The deal closed on April 25, 2025 and was recorded on April 29, 2025. The three properties have 1,696 square feet of built space and 30,281 square feet of additional air rights for a total buildable of 31,996 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $5,011 and the price per buildable square foot is $265 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 Sungmin Ahn was Sungmin Ahn. The signatory for Stylianos Aniftos was Stylianos Aniftos. The contract date was April 3, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Stylianos Aniftos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sungmin Ahn had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Astoria has 1,696 square feet of built space and 30,281 square feet of additional air rights for a total buildable of 31,996 square feet according to a PincusCo analysis of city data. The parcel has frontage of 43 feet and is 185 feet deep with a total lot size of 6,740 square feet. The lot is irregular. 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 $685,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.4 times the average sales volume among other neighborhoods with $648.2 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.3 million 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. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On the tax block of 26-34 28th Street, PincusCo has identified the owners of six of the 23 commercial properties representing 41,531 square feet of the 118,849 square feet. The largest owner is Jerry Vlachos, followed by Stylianos Aniftos and then Robert Negreira.
On the tax block, there was one new building construction project filed totaling 30,402 square feet. It is a 27-unit, 30,402 square-foot residential (R-2) building submitted by Park Construction Corp. and filed by Robert Cerrone with plans filed November 16, 2022 and permitted February 28, 2024.

The majority, or 44 percent of the 118,849 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

The buyer

The PincusCo database currently indicates that Stylianos Aniftos owned at least four commercial properties with one residential unit in New York City with 1,696 square feet and a city-determined market value of $3.3 million. (Market value is typically about 50% of actual value.) The portfolio has $16 million in debt, borrowed from Customers Bank and Investors Bank. Within the portfolio, the bulk, or 100 percent of the 1,696 square feet of built space are mixed-use properties, with industrial properties next occupying 0 percent of the space. They are all located in Queens.

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