Sunlight Development Group pays $7.4M to Michael Lagoudis for 34-unit project in Astoria

Sunlight Development Group through the entity 2111 Astor Terrace LLC paid $7.4 million to Michael Lagoudis through the entity Astor Terrace LLC for development building (V1) at 21-05 31st Avenue in Astoria, Queens.
On the lot, there is one active new building construction project for a 34-unit, 23,273 square-foot R-2 building. The project was developed by Michael Lagoudis with plans filed October 23, 2018 and permitted October 8, 2021.

The deal closed on December 29, 2022 and was recorded on January 12, 2023. The property has zero square feet of built space and 28,044 square feet of additional air rights for a total buildable of 28,044 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $263 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 June 2, 2017, for $2.1 million. The signatory for Michael Lagoudis was Michael Lagoudis. The signatory for Sunlight Development Group was Linzhong Zhuo. The owner entity is in care of Dov Schlein’s NuVerse Advisors.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Sunlight Development Group purchased 12 properties in two transactions for a total of $20.1 million and has no record it sold any properties over the past 24 months.
The seller Michael Lagoudis had not purchased any other properties and had not sold any properties over the same time period.

The property

The 21-05 31st Avenue parcel has frontage of 75 feet and is 93 feet deep with a total lot size of 7,011 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $351,000.

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 one DOB violation, $1,280 in ECB penalties, and $1,280 in OATH penalties in the last year.

The neighborhood

In Astoria, the bulk, or 36 percent of the 40.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 3.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.1 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 11,846 square feet of the 48,321 square feet. The largest owner is Szilvia Barnett, followed by Jack Dilluvio and then Farzan Adhami.
On the tax block, there were two new building construction projects totaling 69,024 square feet. The largest is a 56-unit, 45,751-square-foot R-2 building developed by Szilvia Barnett with plans filed December 2, 2021 and it has not been permitted yet.The second largest is a 34-unit, 23,273-square-foot R-2 building developed by Michael Lagoudis with plans filed October 23, 2018 and permitted October 8, 2021.

The majority, or 34 percent of the 48,321 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

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