Aronov Development pays $7.7M for retail in Jamaica Estates

Aronov Development through the entity 181-08 Union Turnpike LLC paid $7.7 million to Khedouri Associates through the entity EIK Flushing Associates, LLC for the retail building (K1) at 181-08 Union Turnpike in Jamaica Estates, Queens.
The deal closed on January 20, 2026 and was recorded on February 2, 2026. The property has 13,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $595 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 Khedouri Associates was Lawrence Khedouri . The signatory for Aronov Development was Boris Aronov . The contract date was September 30, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Aronov Development purchased one property in one transaction for a total of $53 million and sold one property in one transaction for a total of $53 million over the past 24 months.
The seller Khedouri Associates had not purchased any other properties and sold one property in one transaction for a total of $4.3 million over the same time period. The 13,000-square-foot property generated revenue of $474,549 or $37 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jamaica Estates has 13,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 112 feet deep with a total lot size of 21,600 square feet. The lot is irregular. The zoning is R2A 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 $2.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received four DOB violations, $25,000 in ECB penalties, and $27,275 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 Jamaica Estates, The majority, or 58 percent of the 2.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica Estates has the 28th highest sale turnover among other neighborhoods in Queens with $55.5 million in sales volume in the last two years. For development, Jamaica Estates has had very little major development activity relative to other neighborhoods.It had 141,935 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 7,750 square feet of the 51,440 square feet. The identified owner is Ab Capstone.
On the tax block, there was one new building construction project filed totaling 20,350 square feet. It is a 20,350 square-foot educational (E) building submitted by Meir Babaev with plans filed January 26, 2017 and it has not been permitted yet.

All properties are retail.

The buyer

The PincusCo database currently indicates that Aronov Development owned at least two commercial properties in New York City with 114,661 square feet and a city-determined market value of $42.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from CTBC Bank. Within the portfolio, the bulk, or 88 percent of the 114,661 square feet of built space are hotel properties, with RK properties next occupying 12 percent of the space. They are all located in Manhattan.

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