Vasilios Falidas pays $4.6M for residential walkup building in Astoria
Vasilios Falidas through the entity Vvi 41street LLC paid $4.6 million to John Millas through the entity Millas Management LLC for 20-unit residential walkup building at 32-38 41st Street in Astoria, Queens.
The deal closed on December 30, 2021 and was recorded on January 10, 2022.
The property has 9,880 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $468 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 John Millas was John Millas. The signatory for Vasilios Falidas was Vasilios Falidas.
The 9,880-square-foot property generated revenue of $189,910 or $19 per square foot, according to the most recent income and expense figures.
In Astoria, the majority, 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 in the city 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 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 52 percent of the 353,649 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 27 percent of the space.
The former owner according to the Department of Housing Preservation and Development was John Millas, individual owner.
Within a 400-foot radius of 32-38 41st Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $342,594. The most recent of these two items was the permit on October 19, 2021 for a 7,930-square-foot R-3 building with two residential units at 32-24 Steinway St.
Of those six items, two were sales above $5 million totaling $15.6 million. The most recent of the two was Odin Realty which bought the 11,996-square-foot, 18-unit rental (C7) on 32-57 Steinway Street and one other property for $7.2 million from Estate of John Xikis on March 17, 2021.
Of those six items, two were loans above $5 million totaling $12.1 million. The most recent of the two was George Liakaris which borrowed $5.6 million from New York Community Bank secured by the 9,880-square-foot, 20-unit rental (C1) on 32-22 41st Street and one other property on March 4, 2021.
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