Bolla Oil pays $7.5M for LIC gas station formerly owned by late Gene Freidman

Harvinder Singh’s Bolla Oil through the entity Bolla Em Realty, LLC paid $7.5 million through a judicial foreclosure for the gas station building (G4) at 48-02 Van Dam in Long Island City, Queens. The expected use is owner-occupied. The previous owner was Gene Freidman, the late taxi driver who amassed a fortune, then lost much of it as the price of taxi medallions declined. He died in 2021.
The deal closed on February 19, 2026 and was recorded on February 24, 2026. The property has 3,510 square feet of built space and 96,400 square feet of additional air rights for a total buildable of 100,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,147 and the price per buildable square foot is $75 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.)
Gene Freidman , whose given name was Evgeny Freidman, bought the property July 31, 2008, for $5.13 million. The signatory for New York State Supreme Court Queens County case 704547/2015, was the referee, Fearonce G. Lalande . The signatory for Bolla Oil was Harvinder Singh . The contract date was January 23, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Bolla Oil purchased six properties in three transactions for a total of $13.2 million and has no record it sold any properties over the past 24 months.
The seller Evgeny Freidman had not purchased any other properties and sold one property in one transaction for a total of $4.1 million over the same time period.

The property

The industrial building in Long Island City has 3,510 square feet of built space and 96,400 square feet of additional air rights for a total buildable of 100,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 180 feet and is 100 feet deep with a total lot size of 20,000 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.6 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 $550 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 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 3.2 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 7.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 16,800 square feet of the 74,110 square feet. The identified owner is Terreno Realty Corporation.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 74,110 square feet of built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Bolla Oil owned at least 21 commercial properties in New York City with 82,128 square feet and a city-determined market value of $29.7 million. (Market value is typically about 50% of actual value.) The portfolio has $42.6 million in debt, borrowed from Citizens Bank. Within the portfolio, the bulk, or 64 percent of the 82,128 square feet of built space are industrial properties, with office properties next occupying 23 percent of the space. The bulk, or 68 percent of the built space, is in Brooklyn, with Queens next at 32 percent of the space.

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