TriArch Real Estate affiliate pays $7.3M for residential walkup in Astoria

An affiliate of TriArch Real Estate Group, the entity Driven 44th Street LLC, paid $7.3 million to the entity 43-18 25th Ave, LLC for the 14-unit residential walkup building at 43-18 25th Avenue in Astoria, Queens.
The deal closed on March 17, 2022 and was recorded on April 4, 2022.The property has 14,400 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $506 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 August 15, 2014, for $4.3 million. The signatory for the seller management company, MD Squared Property Group was Chris Georgiades. The signatory for TriArch Real Estate Group was Chris DeAngelis. Chris DeAngelis is the founder of TriArch Real Estate Group.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Michael Mintz, head officer and Chris Georgiades, officer. The business entities are Md Squared Property Group and 43-18 25th Ave, Llc. The 14,400-square-foot property generated revenue of $477,824 or $33 per square foot, according to the most recent income and expense figures.

The property

The 43-18 25th Avenue parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,000 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

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $1,130 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 neighborhood

In Astoria, the bulk, or 27 percent of the 54.6 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 23 percent of the space. In sales, Astoria has 2.8 times the average sales volume among other neighborhoods with $761.9 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 3.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 21 commercial properties representing 9,870 square feet of the 137,240 square feet. The two identified owners are Stamatios Mamounas and Antonio Mascioli. There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 251,447 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 45 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 43-18 25th Avenue that occurred over the past 24 months.

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