Theodore Livanos pays $4.8M to Joseph Gavin for residential walkup in Woodside

Theodore Livanos through the entity The Livanos Group LLC paid $4.8 million to Joseph Gavin through the entity Orlamary Realty Corp. for 21-unit residential walkup building (C1) at 39-33 57th Street in Woodside, Queens.
The deal closed on September 16, 2022 and was recorded on September 27, 2022. The property has 14,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $339 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 Joseph Gavin was Joseph Gavin. The signatory for Theodore Livanos was Theodore Livanos.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Theodore Livanos had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Gavin 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 Orlando Gavin, head officer and Joseph Gavin, officer. The business entity is Orlamary Realty Corp. The 14,000-square-foot property generated revenue of $391,237 or $28 per square foot, according to the most recent income and expense figures.

The property

The 39-33 57th Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R4-1 which allows for up to 0.75 times floor area ratio (FAR) for residential. 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 since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 6,500 square feet of the 158,722 square feet. The largest owner is United Construction & Development Group, followed by Richard Dong and then Ermin Balic.
On the tax block, there were nine new building construction projects totaling 91,652 square feet. The largest is a  55,300-square-foot school (E) building developed by Elan Abneri with plans filed June 27, 2013 and permitted April 30, 2014. The second largest is a 12-unit, 4,433-square-foot residential (R-2) building developed by United Construction & Development Group with plans filed July 27, 2021 and it has not been permitted yet.

The majority, or 76 percent of the 158,722 square feet of built space are specialty buildings, with walkup buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Theodore Livanos owned at least three commercial properties in New York City with 42,072 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Queens.

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