Anonymous buyer pays $7.5M for retail in Murray Hill, Queens owned for 47 years

An unknown owner through the entity Upkwy Realty LLC paid $7.5 million to the Binder family through the entity 46th Avenue Flushing, LLC for the retail building (K1) and parking lot at 172-03 46th Avenue in Murray Hill, Queens.
The deal closed on April 18, 2025 and was recorded on April 23, 2025. The two properties have 10,000 square feet of built space and 3,882 square feet of additional air rights for a total buildable of 11,602 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $750 and the price per buildable square foot is $646 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Karen Binder and Debra Dobosh was Karen Binder and Debra Dobosh. The contract date was January 13, 2025. The sellers are daughters of grocery store owner Joseph Binder who died at 107 years old in 2017, one of the oldest residents of the Bronx.  Joseph Binder acquired the leasehold in 1977, then his wife Sylvia Binder purchased the building in 1978 subject to a $140,000 purchase money mortgage.

The property

The retail building in Murray Hill (QN) has 10,000 square feet of built space and 3,882 square feet of additional air rights for a total buildable of 11,602 square feet according to a PincusCo analysis of city data. The parcel has frontage of 135 feet and is 153 feet deep with a total lot size of 15,440 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $80 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Murray Hill (QN), The bulk, or 32 percent of the 4.7 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 22 percent of the space. In sales, Murray Hill (QN) has the 22nd highest sale turnover among other neighborhoods in Queens with $67.4 million in sales volume in the last two years. For development, Murray Hill (QN) has had very little major development activity relative to other neighborhoods.It had 118,110 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 10,000 square feet of built space are retail buildings, with industrial buildings next occupying 0 percent of the space.

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