Vima Property Group pays $7.7M for two walkups in Long Island City

Vima Property Group through the entity LIC Apts NY LLC paid $7.7 million to Nicholas Dionisiou through the entity LIC Apts LLC for the 30-unit residential walkup building (C1) at 49-02 21st Street in Long Island City, Queens and 30-unit residential walkup building (C1) at 11-58 49th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on July 31, 2025 and was recorded on August 14, 2025. The two properties have 38,675 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $197 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 Nicholas Dionisiou was Nicholas Dionisiou. The signatory for Vima Property Group was Victor Sismanoglou . The contract date was May 30, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 11-58 49th Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Vima Property Group purchased one property in one transaction for a total of $6 million and has no record it sold any properties over the past 24 months.
The seller Nicholas Dionisiou 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 William Demos, head officer and Nick Dionisiou, officer. The business entity is Lic Apts, Llc. The two properties with a total of 38,675 square feet of built space generated revenue of $1.2 million per year or $31 per square foot. The sale price per square foot was $198.

The property

The residential walkup building with 30 residential units in Long Island City has 38,675 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 million. The most recent loan totaled $6.2 million and was provided by New York Community Bank on November 16, 2020. The property has 21 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,870 in ECB penalties, six housing violations, and $1,870 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 the tax block of 11-58 49th Avenue, PincusCo has identified the owners of two of the six commercial properties representing 38,675 square feet of the 80,975 square feet. The identified owner is Nicholas Dionisiou.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 80,975 square feet of built space are industrial buildings, with walkup buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that Nicholas Dionisiou owned at least seven commercial properties with 220 residential units in New York City with 161,107 square feet and a city-determined market value of $22.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12.2 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 69 percent of the 161,107 square feet of built space are walkup properties, with elevator properties next occupying 31 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Vima Property Group owned at least one commercial property with 45 residential units in New York City with 40,500 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

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