The L Group, S. Lucchese pay $13.3M for 72-unit rental in Astoria

The Loria family’s The L Group and Salvatore Lucchese through the entity 3450 Lucc LLC and 3720 Broadway Del LLC paid $13.3 million to Keith Kurzner through the entity 34-50 28th Street Realty LLC for the 72-unit residential elevator building (D1) at 34-50 28th Street in Astoria, Queens.
The deal closed on March 26, 2024 and was recorded on April 5, 2024. The property has 51,930 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $255 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 Keith Kurzner was Keith Kurzner. The signatory for The L Group and Salvatore Lucchese was Benny Loria Jr. and Salvatore Lucchese. The contract date was December 20, 2023. Benny Loria and Philip Loria of The L Group sold 37-20 Broadway in Astoria for $4.8 million. They are also partners at a law firm.
The purchase was financed with a $9 million loan from Citibank.

Prior sales and revenue

The seller Keith Kurzner had not purchased any other properties and sold one property in one transaction for a total of $9 million over the past 24 months. The former owners according to the Department of Housing Preservation and Development includes Neal Kurzner, head officer and Keith Kurzner, shareholder. The business entity is 34-50 28th Street Realty Llc.

The property

The residential elevator building with 72 residential units in Astoria has 51,930 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 109 feet deep with a total lot size of 11,610 square feet. The lot is irregular. 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 $5.2 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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 134,850 square feet of the 245,408 square feet. The largest owner is Leonard Montemarano, followed by Kathy Serafis and then Caro Enterprises.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 245,408 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The buyer

The PincusCo database currently indicates that Salvatore Lucchese owned at least three commercial properties with 41 residential units in New York City with 106,977 square feet and a city-determined market value of $12.5 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 36 percent of the 106,977 square feet of built space are mixed-use properties, with industrial properties next occupying 33 percent of the space. They are all located in Queens.

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