Thomas Malo pays $3M for 16-unit walkup in Ditmars Steinway

Thomas Malo through the entity 33 Roslyn Court LLC paid $3 million to Kyriacos Stavrinou through the entity 21-39 27th St., L.P. for the 16-unit residential walkup building (C1) at 21-39 27th Street in Ditmars Steinway, Queens. The expected use is cash flowing.
The deal closed on April 22, 2025 and was recorded on April 24, 2025. The property has 11,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $268 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 Kyriacos Stavrinou was Kyriacos Stavrinou. The signatory for Thomas Malo was Thomas Malo. The contract date was April 22, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Thomas Malo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kyriacos Stavrinou 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 Kyriacos Stavrinou, head officer and James Demetriou, officer. The business entity is 21-39 27th Street L.P. The 11,000-square-foot property generated revenue of $269,545 or $25 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Ditmars Steinway has 11,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 38 feet and is 100 feet deep with a total lot size of 3,886 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million. The property has 15 rent regulated units according to city tax records from 2023.

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 eight of the 17 commercial properties representing 88,000 square feet of the 187,000 square feet. The largest owner is Humayen Khan, followed by Constantine Stamoulis and then Peter Melledis.
There are no active new building construction projects on this tax block.

All properties are walkup.

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