Cedar Park Capital pays $26.5M for 112-unit rental in Forest Hills

Cedar Park Capital through the entity 68-64 Yellowstone Owner, LLC paid $26.5 million to Sheldon Hoffman through the entity Andrew Jackson Realty Co., L.P. for the 112-unit residential elevator building (D1) at 68-64 Yellowstone Blvd in Forest Hills, Queens. The expected use is cash flowing.
The deal closed on January 29, 2026 and was recorded on February 13, 2026. The property has 132,960 square feet of built space and 3,986 square feet of additional air rights for a total buildable of 137,135 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $199 and the price per buildable square foot is $193 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 Sheldon Hoffman was Sheldon Hoffman. The signatory for Cedar Park Capital was Marlon Lerer . The contract date was January 9, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Cedar Park Capital purchased eight properties in eight transactions for a total of $27.4 million and has no record it sold any properties over the past 24 months.
The seller Sheldon Hoffman 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 Sheldon Hoffman, head officer and Gary Hoffman, officer. The business entity is Andrew Jackson Realty Co Lp. The 132,960-square-foot property generated revenue of $3.2 million or $24 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 112 residential units in Forest Hills has 132,960 square feet of built space and 3,986 square feet of additional air rights for a total buildable of 137,135 square feet according to a PincusCo analysis of city data. The parcel has frontage of 213 feet and is 235 feet deep with a total lot size of 39,865 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $14.3 million. The property has 9 rent regulated units according to city tax records from 2024.

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 two DOB violations and $625 in ECB 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 block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 245,556 square feet of the 245,556 square feet. The two identified owners are Gary Hoffman and Nelson Management Group.
There are no active new building construction projects on this tax block.

All properties are elevator.

The seller

The PincusCo database currently indicates that Sheldon Hoffman owned at least one commercial property with 112 residential units in New York City with 132,960 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Cedar Park Capital owned at least nine commercial properties with 65 residential units in New York City with 62,459 square feet and a city-determined market value of $20.3 million. (Market value is typically about 50% of actual value.) The portfolio has $17.7 million in debt, borrowed from Citizens Bank. Within the portfolio, the bulk, or 84 percent of the 62,459 square feet of built space are walkup properties, with mixed-use properties next occupying 16 percent of the space. They are all located in Brooklyn.

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