Thomas Anagnostopoulos pays $6.2M to RockFarmer for retail in Ditmars Steinway

Thomas Anagnostopoulos through the entity Dinami 4 LLC paid $6.2 million to RockFarmer Properties through the entity Rfc 31 Ccu LLC for the retail condo at 21-21 31st Street in Ditmars Steinway, Queens. The expected use is cash flowing.
The deal closed on September 30, 2024 and was recorded on October 21, 2024. The property has 24,561 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $254 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 RockFarmer Properties was George Michelis. The signatory for Thomas Anagnostopoulos was Thomas Anagnostopoulos. The contract date was August 14, 2024. Crain’s reported on the sale yesterday.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Thomas Anagnostopoulos had purchased any other properties and sold nine properties in three transactions for a total of $13.8 million over the past 24 months.
The seller RockFarmer Properties had not purchased any other properties and sold five properties in two transactions for a total of $25.2 million over the same time period.

The property

The retail condo in Ditmars Steinway has 24,561 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,561 square feet. The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $23.2 million and was provided by Bank Hapoalim on June 17, 2022.

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 neighborhood

In Ditmars Steinway, The bulk, or 41 percent of the 11.3 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Ditmars Steinway has had very little sales volume relative to other neighborhoods with $95.9 million in sales volume in the last two years. For development, Ditmars Steinway has had very little major development activity relative to other neighborhoods.It had 532,242 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 23 commercial properties representing 84,344 square feet of the 148,198 square feet. The largest owner is Sol Goldman Investments, followed by Theodoros Spyronassis and then Weitao Shi.
On the tax block, there were two new building construction projects totaling 123,027 square feet. The largest is a 86-unit, 65,432 square-foot residential (R-2) building submitted by FBL Development and filed by Weitao Shi with plans filed May 31, 2024 and it has not been permitted yet. The second largest is a 46-unit, 57,595 square-foot residential (R-2) building submitted by George Michelis and John Petras and filed by John Petras with plans filed March 3, 2017 and permitted December 4, 2018.

The majority, or 33 percent of the 148,198 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that RockFarmer Properties owned at least five commercial properties with 96 residential units in New York City with 172,871 square feet and a city-determined market value of $8.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 172,871 square feet of built space are D6 properties, with walkup properties next occupying 32 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Thomas Anagnostopoulos owned at least nine commercial properties with 235 residential units in New York City with 184,383 square feet and a city-determined market value of $21.4 million. (Market value is typically about 50% of actual value.) The portfolio has $28.7 million in debt, borrowed from New York Community Bank and JPMorgan Chase. Within the portfolio, all identified are walkup properties. They are all located in Queens.

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