B Square Realty pays $5.6M for likely dev site in Long Island City

Developer Hang Dong Zhang of B Square Realty through the entity 2627 Jackson LLC paid $5.6 million to Gregory Biel through the entity 2627 Realty Corp. for the industrial building (F4) at 26-27 Jackson Avenue in Long Island City, Queens. The expected use is ground up development. Rockrose Development owns several of the undeveloped properties on this block, including the adjacent building 26-25 Jackson Avenue.
The deal closed on April 30, 2025 and was recorded on May 16, 2025. The property has 3,900 square feet of built space and 16,100 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,435 and the price per buildable square foot is $280 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 Gregory Biel was Gregory Biel. The signatory for Hang Dong Zhang was Hang Dong Zhang. The contract date was July 3, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Hang Dong Zhang purchased one property in one transaction for a total of $13 million and sold one property in one transaction for a total of $2.2 million over the past 24 months.
The seller Gregory Biel had not purchased any other properties and had not sold any properties over the same time period. The 3,900-square-foot property generated revenue of $87,126 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 3,900 square feet of built space and 16,100 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is M1-6/R10 which allows for up to 10 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $449,000.

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 not received any significant violations 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

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

The majority, or 44 percent of the 26,109 square feet of built space are retail buildings, with industrial buildings next occupying 43 percent of the space.

The buyer

The PincusCo database currently indicates that Hang Dong Zhang owned at least 10 commercial properties with two residential units in New York City with 76,549 square feet and a city-determined market value of $20.5 million. (Market value is typically about 50% of actual value.) The portfolio has $49.8 million in debt, with top three lenders as Ponce Bank, S3 Capital, and Popular Bank respectively. Within the portfolio, the bulk, or 69 percent of the 76,549 square feet of built space are hotel properties, with retail properties next occupying 8 percent of the space. The bulk, or 50 percent of the built space, is in Brooklyn, with Queens next at 50 percent of the space.

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