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Ioannis Likidis Acquires Mixed-Use Property In Long Island City For $2.2M

5-34 50th Avenue
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This Mixed-use property located in NY was sold for $2,200,000 about 3 years ago. The brokers of the deal were Paul Youssef, Lazarus Apostolidis, and Matthew (Matt) Fotis

Located at 5-34 50th Avenue in Long Island City, this mixed-use property was recently sold in a closed transaction. The property is zoned as M1-4/R6B and is situated in the LIC market. The sale, facilitated by Marcus & Millichap, involved a sales team consisting of Paul Youssef, Matt Fotis, and Lazarus Apostolidis.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $2,200,000
  • Address: 5-34 50th Avenue
  • Market: Long Island City
  • Zoning: M1-4/R6B, LIC
  • Buyer: Ioannis Likidis
  • Seller: Palumbo Family
  • Brokers: Paul Youssef, Matt Fotis & Lazarus Apostolidis – Marcus & Millichap
  • Building Square Footage (BSF): 5,000
  • Price per Building Square Foot (PPBSF): $440
  • Square Footage (SF): 4,250
  • Price per Square Foot (PPSF): $517
  • Units: 3
  • Price per Unit (PPU): $733,333

Ioannis Likidis acquired this property from the Palumbo Family for a total of $2,200,000. With a building square footage of 5,000, the property is valued at $440 per building square foot. The total land area measures 4,250 square feet, resulting in a price per square foot of $517. The property comprises 3 units, making the price per unit approximately $733,333.

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Deals
  • Location
    5-34 50th Avenue, Long Island City, NY, USA5-34 50th Avenue, Long Island City, NY, USA
  • Sale Price
    $2,200,000$2,200,000
    $517 PPSF$517 PPSF
  • Area
    4,250 SF4,250 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

Lazarus Apostolidis

Lazarus Apostolidis

Deals18
Sold$88.3M

Agencies

FTS Capital

FTS Capital

Agency
Deals16
Volume$75M

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: Lazarus Apostolidis, Matt Fotis & Paul Youssef DATE: 02/08/2021 ADDRESS: 5-34 50th Avenue MARKET: Long Island City ASSET TYPE: Mixed-use ~ ZONING: M1-4/R6B, LIC BUYER: Ioannis Likidis SELLER: Palumbo Family BROKERS: Paul Youssef, Matt Fotis & Lazarus Apostolidis – Marcus & Millichap SALE PRICE: $2,200,000 BSF: 5,000 ~ PPBSF: $440 SF: 4,250 ~ PPSF: $517 UNITS: 3 ~ PPU: $733,333

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5-34 50th Avenue

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