July 5, 2021 By Michael Dorgan
A developer who was raised in Astoria is constructing an ultra-modern apartment complex on 41st Street that will hit the market in the coming months.
Tom Theofilatos, who owns Astoria Properties, is developing a four-story complex at 32-72 41st St. that will contain 25 rental units. He said the building is close to completion and that tenants will be able to move in by Sept. 1.
The building, which will be 20,000 square feet, is going up on a parcel that his family has owned since the 1970s.
Theofilatos’ company has completed a number of residential developments in the neighborhood but his real estate broker Luca DiCiero, of NY Space Finders, says that the 41st Street location will be his most impressive venture in Astoria so far.
“This will be the biggest and best one to date,” DiCiero said, who noted that Astoria Properties also constructed a 22-unit condo building next to current project in 2005.
“This project comes with all the finishes and amenities, ample onsite parking and is just around the corner from the Steinway Street subway station,” DiCiero said.
DiCiero said the development has been built to the highest of standards and comes with a 1,000 square foot gym as well as a rooftop terrace. He added that it will contain 20 one-bedroom apartments and 5 two-bedroom units—two of which will be penthouses that come with large private terraces.
Theofilatos, who is of Greek heritage and grew up on 36th Avenue, said that the building will enhance the neighborhood while offering tenants luxury living.
He said that he has a special affinity with the area since his father owned and operated a men’s clothing store called Theo and Theos adjacent to the development site. The store, he said, was popular among Greek immigrants.
The clothing store closed in 2010 after being in operation for about 30 years. The new development is being built where store customers used to park their vehicles.
“The building is also going up around 100 feet away from where my office is today—so we’re very local,” Theofilatos said.
The one-bedroom apartments will be available to rent for between $2,295 and $2,650 per month, DiCiero said. The two-bedroom apartments range from $3,450 – $3,500 per month with the penthouses going for between $3,800 and $4,000 per month.
All units come with high ceilings, open kitchens, high-end countertops and oak floors.
The building will have 25 on-site parking spaces, 30 bicycle racks and a mailroom. It will also have an open lobby area.
“It has a functional design, with the architect maximizing the space so all space is put to good use,” DiCiero said. James Cleary Architects, a Brooklyn-based firm, is listed as the designer.
DiCiero expects the apartments to be snapped up quickly despite the recent downturn in the rental market.
“The market has picked up even though we went through a few obstacles with COVID and a brief oversupply,” DiCiero said. “Fortunately, we’ve been leasing a lot of units recently.”
“We will rent this fast. The location is appealing and the units are of high quality,” DiCiero said.
NY Space Finders, an Astoria-based firm that has marketed approximately 60 new buildings in western Queens, is the exclusive leasing broker.
For information about the building, e-mail [email protected].