Gandolfo Difiore of MDM Development completes $8.5 million assemblage on 31st Street from Larry Restieri and Giusseppe Vertucci
It’s been a busy July for Gandolfo DiFiore, of MDM Development Group LLC. The group consisting of Mr. Difiore and Ginetta Modica just completed an assemblage of three tax lots for a total purchase price of $8.5 million.
In June, DiFiore purchased 23-77 & 23-79 31st St from longtime owners, Giuseppe and Angela Vertucci for $3,400,000. The property is currently a single-family home with an adjacent lot.
MDM completed the assemblage with the purchase of 23-83 31st St, from Larry Restieri for $5,100,000. The property is currently a 4,500-square foot industrial warehouse on a 6,750 tax lot in Astoria. Restieri who owned the property for 30 years, delivered the asset with his tenant’s lease coming due.
Due to the higher zoning, the combined buildable of over 38,200 square feet between the three lots, DiFiore is in a great position to develop as he chooses. The properties also feature 125 feet of frontage on 31st Street, allowing for retail on the ground floor.
Neither party was available for comment, but Jonathan Eshaghian and Craig Harris of Marcus & Millichap’s Brooklyn office, noted that this being an off-market transaction, the deal fell a bit short. Given the achievable rents in the area and the retail potential, had the properties been fully marketed, they could have sold for a higher price than $222 per buildable square foot.
The potential development site is directly across 23-88 31st Street built by Joe Mazzola of Grey Street Development in 2013 and a couple blocks from the Ditmars Blvd subway. The property is also near RockFarmer’s proposed 100,000 square foot condominium development at 21-21 31st Street.
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