Baoqi Ji pays $2.9M for mixed-use in Ridgewood

Baoqi Ji through the entity 1701 Gates Avenue LLC paid $2.9 million for the five-unit mixed-use building (S5) at 1701 Gates Avenue in Ridgewood, Queens. The expected use is cash flowing.
The deal closed on February 12, 2026 and was recorded on February 27, 2026. The property has 5,850 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $495 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 signatories for the sellers were Rosanna Fragapane, Anthony S. Giacomarra, Roberto Giacomarra, and Elio Giacomarra. The signatory for Baoqi Ji was Baoqi Ji. The contract date was December 5, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Baoqi Ji purchased one property in one transaction for a total of $2.6 million and has no record it sold any properties over the past 24 months.
The seller Rosanna Fragapane had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mario Fragapane, head officer and Calogero Giacomarra, officer.

The property

The mixed-use building with 5 residential units in Ridgewood has 5,850 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $865,000.

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 received $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 Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $252.1 million in sales volume in the last two years. For development, Ridgewood has near average amount of major developments among other neighborhoods and is the 6th highest in Queens. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 31 commercial properties representing 53,430 square feet of the 160,840 square feet. The largest owner is Duke Properties, followed by Cw Realty Group and then Dafna Development Group.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 160,840 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The buyer

The PincusCo database currently indicates that Baoqi Ji owned at least one commercial property with eight residential units in New York City with 5,000 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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