Vima Property Group pays $6M for 45-unit walkup in Astoria
Vima Property Group through the entity 30th Street Ny LLC paid $6 million to Zeljka Birbas through the entity 34-08 30th Street LLC for the 45-unit residential walkup building (C7) at 34-08 30th Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on November 4, 2024 and was recorded on November 13, 2024. The property has 40,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $148 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 Zeljka Birbas was Zeljka Birbas. The signatory for Vima Property Group was Victor Sismanoglou. The contract date was August 16, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Vima Property Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Zeljka Birbas 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 Zeljka Birbas, head officer and David Grossman, officer. The business entities are Alto Property Managers Llc and 34-08 30th Street Llc.
The property
The residential walkup building with 45 residential units in Astoria has 40,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 115 feet and is 100 feet deep with a total lot size of 11,500 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 $4.8 million. The property has 45 rent regulated units according to city tax records from 2022.
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 received one DOB violation, $625 in ECB penalties, 35 housing violations, and $625 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 $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of three of the 16 commercial properties representing 70,920 square feet of the 218,692 square feet. The largest owner is George Theodosopoulos, followed by John Lekas and then Nikolas Kladias.
On the tax block, there was one new building construction project filed totaling 4,320 square feet. It is a six-unit, 4,320 square-foot residential (R-2) building submitted by Antonio Lopez with plans filed October 2, 2018 and permitted June 7, 2022.
The majority, or 57 percent of the 218,692 square feet of built space are elevator buildings, with walkup buildings next occupying 40 percent of the space.
Direct link to Acris document. link