Tarek Alam pays $4.1M for 24-unit walkup in Astoria

Tarek Alam through the entity Sa 1435 LLC paid $4.1 million to George J. Bubaris, James G. Bubaris, and the Gus J. Bubaris estate for the 24-unit residential walkup building (C1) at 31-23 47th Street in Astoria, Queens.
The deal closed on February 15, 2023 and was recorded on February 17, 2023. The property has 14,680 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $279 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 September 17, 2013, for $1.9 million. The signatory for George J. Bubaris, James G. Bubaris, and Gus J. Bubaris estate was George J. Bubaris and James G. Bubaris. The signatory for Tarek Alam was Tarek Alam.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Tarek Alam had purchased any other properties and sold one property in one transaction for a total of $5.8 million over the past 24 months.
The seller George J. Bubaris 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 Gus Bubaris, Estate, individual owner and George Bubaris, agent. The 14,680-square-foot property generated revenue of $451,934 or $31 per square foot, according to the most recent income and expense figures.

The property

The 31-23 47th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2 million.

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 $100 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 18,300 square feet of the 62,295 square feet. The largest owner is Rina Pieraccini, followed by Joanna Rosvoglou and then Eugene Kuljanic.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 62,295 square feet of built space are walkup buildings, with mixed-use buildings next occupying 4 percent of the space.

The buyer

The PincusCo database currently indicates that Tarek Alam owned at least one commercial property in New York City with 11,105 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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