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TRADED: Hercules Argyriou buys 48-02 25th Avenue from John Sismanoglou and Anthony Roussos for $16 Million

Astoria Office Complex Sells for 16 Million:

48-02 25th Avenue is a 100,000 SF office building that is located in the heart of Astoria. With over 72 parking spaces this is was a very rare office building for Western Queens. Owners John Sismanoglou and Anthony Roussos originally listed the property with Marcus & Millichap in 2014 for $19.5 million, but Marcus & Millichap were unable to successfully sell the property with the high price tag at the time. The owners then hired Modern Spaces to market the property at a lower asking price, but again Modern Spaces was unsuccessful as well. After a couple of months of taking the property of the market, the owners were able to make an off market deal with Hercules Argyriou of Mega Contracting for $16 million. This deal indicates the huge office boom that is currently occurring in Queens, with an increase in demand for Long Island City office properties’ investors are looking to Queens outer neighborhoods to find good opportunities.  This may be Mage Contracting’s new headquarters.

48-02 25 Avenue – Source: Modern Spaces