Chetrit Group, Peter Kulka sell Jamaica dev site to Peter Abowitz for $17M
147-27 Archer Avenue axonometric diagram, front and back (Credit - Jonathan Imani architect vis DOB)
Peter Abowitz, who also used the name Pinches Abowitz, through the entity Archer Ave Holdings LLC paid $17 million to the Chetrit Group and Peter Kulka through the entity Archer 147 Development LLC for the three-parcel development site at 147-27 Archer Avenue in Jamaica, Queens. The expected use is ground up development. The Chetrit Group bought into a partnership with Peter Kulka in 2022, Traded reported at the time.
On these lots, there is one active new building construction project, Q00676542, for a 359-unit, 274,837 square-foot R-2 building. The project was submitted by Chetrit Group and filed by Meyer Chetrit with plans filed February 17, 2022 and it has not been permitted yet.
According to the brokers of the 2022 transaction, the developers could build a 306,454-square-foot residential and retail project. The building is grandfathered into a 35-year tax incentive under the former 421-A program, the brokers said.
The new deal closed on February 27, 2026 and was recorded on March 6, 2026. The three properties have 2,700 square feet of built space and 171,932 square feet of additional air rights for a total buildable of 174,636 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $6,296 and the price per buildable square foot is $97 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 Peter Kulka and the Chetrit Group was Peter Kulka . The signatory for Peter Abowitz was Peter Abowitz. The contract date was February 27, 2026.
The Chetrit Group has been facing litigation and foreclosures on various properties, but this loan did not have any court filings alleging a default.
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Prior sales, articles and revenue
Prior to this transaction, PincusCo has records that the buyer Peter Abowitz purchased seven properties in four transactions for a total of $23.9 million and has no record it sold any properties over the past 24 months.
The seller Chetrit Group had not purchased any other properties and sold two properties in two transactions for a total of $95 million over the same time period. Out of the three properties, one with a total of 2,700 square feet of built space generated revenue of $50,274 per year.
The property
The development building in Jamaica has 2,700 square feet of built space and 171,932 square feet of additional air rights for a total buildable of 174,636 square feet according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 87 feet deep with a total lot size of 5,465 square feet. The lot is irregular. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $426,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $18,750 in ECB penalties and $18,850 in OATH penalties in the last year.
The neighborhood
In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $282 million in sales volume in the last two years and is the 9th highest in Queens. For development, Jamaica has 1.8 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On the tax block of N/A Archer Avenue, PincusCo has identified the owners of four of the four commercial properties representing 28,000 square feet of the 28,000 square feet. The identified owner is Chetrit Group.
On the tax block, there was one new building construction project filed totaling 274,837 square feet. It is a 359-unit, 274,837 square-foot residential (R-2) building submitted by Chetrit Group and filed by Meyer Chetrit with plans filed February 17, 2022 and it has not been permitted yet.
The majority, or 88 percent of the 28,000 square feet of built space are mixed-use buildings, with industrial buildings next occupying 12 percent of the space.
The seller
The PincusCo database currently indicates that Chetrit Group owned at least 38 commercial properties with 2,494 residential units in New York City with 5,341,320 square feet and a city-determined market value of $1 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.5 billion in debt, with top three lenders as Bank of Montreal, Starwood Mortgage Capital, and G4 Capital Partners respectively. Within the portfolio, the bulk, or 43 percent of the 5,341,320 square feet of built space are elevator properties, with office properties next occupying 36 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Queens next at 23 percent of the space.
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