Updated May 22, 2026
Thomas Ballis Acquires Development Site In Astoria From Nicolas Savvides For $1.5M
31-71 32nd Street
$1,500,000
$600/SF
Building Size
2,500 SF
Asset Type
Development Site
Closing
Apr 30, 2026
About this deal
AI
A development site located at 31-71 32nd Street in the Astoria market has been sold. The transaction price for the property amounted to $1,500,000, encompassing 2,500 square feet, which results in a price per square foot of $600.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,500,000
- Buyer: Thomas Ballis
- Seller: Nicolas Savvides
- Square Footage: 2,500
- Price per Square Foot: $600
- Address: 31-71 32nd Street
- Market: Astoria
The transaction involved Thomas Ballis as the buyer and Nicolas Savvides as the seller, facilitating the exchange of the development site in Astoria. This sale reflects the ongoing activity and interest in development properties within the area.
On the Map
$1,500,000
$600/SF
Development Site
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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
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93