Vlash Pepa pays $5M to Lampeas family for 16-unit rental in Astoria

Vlash Pepa through the entity Vh Property Owner LLC paid $5 million to the Lampeas family for the 16-unit residential elevator building (D1) at 25-82 37th Street in Astoria, Queens. The expected use is cash flowing.
The deal closed on November 15, 2024 and was recorded on December 11, 2024. The property has 13,480 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $370 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 Lampeas family was Lawrence Litwack. The signatory for Vlash Pepa was Vlash Pepa. The contract date was November 15, 2024. The Lampeas family bought the building in 2002.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Vlash Pepa had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter Lampeas 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 Ernest Lampeas, head officer and James Simari, agent. The business entities are Harlem Property Management Inc. and Astoria Citadel Llc. The 13,480-square-foot property generated revenue of $480,007 or $36 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 16 residential units in Astoria has 13,480 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 R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2009 and expires in 2024. The city-designated market value for the property in 2022 is $2.3 million. The most recent loan totaled 0.0 and was provided by 25-82 37th Lender LLC on October 3, 2022. The property has 16 rent regulated units according to city tax records from 2023.

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 $200 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 16 of the 34 commercial properties representing 109,851 square feet of the 254,308 square feet. The largest owner is Antonios Dagounakis, followed by Peter Lampeas and then George Elliot.
On the tax block, there were three new building construction projects totaling 14,494 square feet. The largest is a seven-unit, 5,000 square-foot residential (R-2) building submitted by Shahryar Azizzadeh with plans filed March 9, 2020 and it has not been permitted yet. The second largest is a seven-unit, 4,996 square-foot residential (R-2) building submitted by Shahryar Azizzadeh with plans filed April 8, 2022 and permitted December 29, 2022.

The majority, or 68 percent of the 254,308 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Peter Lampeas owned at least one commercial property with 16 residential units in New York City with 13,480 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Vlash Pepa owned at least two commercial properties with five residential units in New York City with 58,798 square feet and a city-determined market value of $14.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 58,798 square feet of built space are hotel properties, with walkup properties next occupying 6 percent of the space. The bulk, or 94 percent of the built space, is in Manhattan, with Queens next at 6 percent of the space.

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