TriArch Real Estate pays $5.7M to Steve Tenedios for 20-unit walkup in Astoria

TriArch Real Estate Group through the entity Driven 28th Avenue LLC paid $5.7 million to Steve Tenedios through the entity St 28th Avenue Realty, LLC for 20-unit residential walkup building at 41-07 28th Avenue in Astoria, Queens.
The deal closed on December 13, 2021 and was recorded on January 20, 2022.
The property has 14,560 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $391 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 June 26, 2012, for $3 million.
The signatory for Steve Tenedios was Steve Tenedios. The signatory for TriArch Real Estate Group was Christopher M. Deangelis.

The seller Steve Tenedios had not purchased any other properties and sold one properties in one transactions for a total of $9.9 million over the same time period.
The 14,560-square-foot property generated revenue of $388,166 or $27 per square foot, according to the most recent income and expense figures.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $100,060.
Christopher M. Deangelis is the founder of TriArch Real Estate.
In Astoria, the bulk, or 27 percent of the 54.6 million square feet of 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.
On the tax block, the majority, or 60 percent of the 269,498 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 39 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Steve Tenedios, head officer and Michael Pasztor, officer. The business entity was St 28 Avenue Realty Llc.
Within a 400-foot radius of 41-07 28th Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Francisco Diaz borrowed $6 million from People’s United Bank secured by the 9,900-square-foot, one-unit retail building (K1) on 40-18 28th Avenue on January 10, 2022.

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