Dimitrios Malliakas Purchases Development Site In Astoria Queens For $1.9M With Chris Tavantzis
21-12 31st Avenue
$1,900,000
$666/SF
Building Size
2,850 SF
Asset Type
Development Site
Closing
May 10, 2026
AI
A development site located at 21-12 31st Avenue in Astoria, Queens has been sold. The property was transacted for a total of $1,900,000, featuring a building surface area of 8,550 square feet, which results in a price per buildable square foot of $222. The overall square footage of the site is 2,850, leading to a price per square foot of $666.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,900,000
- Building Surface Area: 8,550 BSF
- Price Per Buildable Square Foot: $222
- Square Footage: 2,850 SF
- Price Per Square Foot: $666
- Buyer: Dimitrios Malliakas
- Seller: Carl Malfitano
- Buyer's Representative: Chris Tavantzis - Pristine Property Solutions
- Seller's Representatives: Donal Flaherty & Tom Reynolds - Investment Property Realty Group
This transaction involved key representatives Chris Tavantzis, who acted on behalf of the buyer, and Donal Flaherty alongside Tom Reynolds, who represented the seller in the deal. Their participation was crucial in facilitating the sale between Dimitrios Malliakas and Carl Malfitano.
Players
Astoria Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.35%
Cash-on-Cash
-2.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93