Housing

Greeks in Real Estate

Greeks have played an important role in Astoria's real estate since their arrival. Although today their population is waning as many leave the neighborhood and as other immigrants, including Czechs, Brazilians, Bosnians, Bangladeshi, Albanians, Indians, Pakistanis, Columbians, and Indians, flock to Astoria, Greeks continue to impact this sector of the economy. Many of the more recent immigrants bought homes when they arrived in Astoria. By 1990, there were 2,900 owner-occupied housing units in Astoria, most of which were one- or two-family houses, but there were also many three- or four-family homes. When the owners age and move away or die, many of the houses are sold to investment buyers, or given to relatives, who offer only rental occupancy. This helps newer immigrants find housing, since most cannot afford to buy homes. The investment buyers are usually local Greek-American business people.

One such Greek-American is Steve Valiotis, who created Alma Realty (Alma is Greek for “leap” or “jump”). He originally intended his real estate agency to be based in Manhattan, but most of his investments have been made in Astoria. Valiotis moved his business to Astoria in 1989 and bought a garage building that he converted into office, store, and garage space. He is one example of the many Americans of Greek descent who have impacted real estate in an increasingly diverse Astoria. Greek-Americans are transforming Astoria into a commercial and residential neighborhood. Much of the significant investment activity is occurring in commercial real estate, and those involved are often Greek-Americans who have been in Astoria for extended periods of time. However, investing in real estate is not the only way Greek Americans are impacting this sector of the economy. They also form and join organizations that provide services to residents of all nationalities. For example, the Greek American Homeowners Association of Astoria, founded by Dennis Syntilas, is the second largest organization of its kind in New York State. It currently has 1,500 members. The organization works with the 114 Police Precinct and local politicians to improve the quality of life in Astoria.

The Hellenic American Neighborhood Action Committee (HANAC), founded by George Douris in 1972, is a nonprofit Greek-American social service organization. The original purpose of HANAC was to help Greek immigrants adapt to life in America and get involved in public life in New York City. Today it helps anyone in need by providing a variety of services for low-income families and individuals, immigrants and refugees, youth, the elderly, the unemployed, and business owners. These services include housing, employment, transportation, training, family counseling, crime prevention, social services and substance abuse treatment. HANAC was recently granted $600,000 in federal funds in order to help pay for the construction of the 93-unit PCA (Presbyterian Church of Astoria) Senior Residence, a housing complex for low-income senior citizens. Seven units are reserved for people with physical disabilities or hearing/visual impairments. The U.S. Department of Housing and Urban Development 202 Program and Low Income Housing Tax Credits will provide additional funding.

The number of real estate agencies owned and run by people of Mediterranean descent is staggering. Alexious Realty, Metropolis Realty, and Partridge Realty are just a few examples. These agencies, as well as organizations such as Greek American Homeowners Association of Astoria and HANAC, help immigrants and native New Yorkers find affordable residences where they can live safely and comfortably. While many groups of immigrants have impacted real estate in Astoria, the Greeks are widely acknowledged for their contributions. Thus, although there are fewer Greeks in Astoria today, their presence is still widely felt because of the undeniable and indelible mark they have left, in the form of housing development, on this Queens neighborhood.

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