Vasilios Falidas pays $5.8M to Angelo Vlachos for residential elevator building in Astoria

Vasilios Falidas through the entity Vvi 31 Street LLC paid $5.8 million to Angelo N. Vlachos through the entity 31 Street LLC for 10-unit residential elevator building at 28-04 31st Street in Astoria, Queens.
The deal closed on January 7, 2022 and was recorded on January 18, 2022.
The property has 16,873 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $344 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 March 31, 2004, for $1.2 million.
Prior to this transaction, the buyer Vasilios Falidas purchased at least one property in one transactions for a total of $4.6 million and sold to Grubb Properties a $63 million development site, over the past 24 months.
The seller Angelo N. Vlachos had not purchased any other properties and sold one properties in one transactions for a total of $2.4 million over the same time period.
The 16,873-square-foot property generated revenue of $334,154 or $20 per square foot, according to the most recent income and expense figures.

(402116928) Plans for a 10-unit residential J-2 were filed on April 8, 2005 and were permitted on April 27, 2006.

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.
On the tax block, the majority, or 30 percent of the 229,288 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 24 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Jerry Vlachos, head officer and Angelo Vlachos, officer. The business entity was 31 Street Llc.
Within a 400-foot radius of 28-04 31st Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on September 8, 2021 for a 11,251-square-foot R-2 building with 16 residential units at 31-17 28th Avenue.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 19, 2021 for the $1.9 million renovation of 16,663-square-foot B building with 0 residential units at 31-09 Newtown Avenue.
Of those five items, three were loans above $5 million totaling $35 million. The most recent of the three was Xenophon Xenophontos, Lambros Houliaras, and Emmanuel Mathioudakis which borrowed $20 million from Alma Bank secured by the 44,942-square-foot, 44-unit rental (D1) on 29-19 Newtown Avenue on November 19, 2021.

Direct link to Acris document. link