D&F Development Group pays $5M for possible dev site in Woodside

D&F Development Group through the entity D & F Woodside, LLC paid $5 million to Russell Abramson through the entity Rustin Realty Corp. for the industrial building (G8) at 53-21 Northern Boulevard in Woodside, Queens. The expected use is ground up development.
The deal closed on May 29, 2025 and was recorded on June 5, 2025. The property has 4,395 square feet of built space and 11,613 square feet of additional air rights for a total buildable of 15,952 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,137 and the price per buildable square foot is $313 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 Russell Abramson was Russell Abramson. The signatory for D&F Development Group was Leonard T. D’Amico . The contract date was March 4, 2025. Russell Abramson is an attorney, but also the chairman of Rustin Realty, a company founded in 1956 that has owned at least two properties in NYC, including the one that sold and 82-10 Eliot Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer D&F Development Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Russell Abramson had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Woodside has 4,395 square feet of built space and 11,613 square feet of additional air rights for a total buildable of 15,952 square feet according to a PincusCo analysis of city data. The parcel has frontage of 105 feet and is 164 feet deep with a total lot size of 12,762 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 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 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 Woodside, The bulk, or 27 percent of the 12.7 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 23 percent of the space. In sales, Woodside has had very little sales volume relative to other neighborhoods with $147.7 million in sales volume in the last two years. For development, Woodside has had very little major development activity relative to other neighborhoods.It had 437,441 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 47,067 square feet of the 68,399 square feet. The identified owner is Cord Meyer Development.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 68,399 square feet of built space are mixed-use buildings, with industrial buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that D&F Development Group owned at least two commercial properties with 164 residential units in New York City with 171,588 square feet and a city-determined market value of $22 million. (Market value is typically about 50% of actual value.) The portfolio has $14.8 million in debt, borrowed from Bank of America and Community Preservation Corporation. Within the portfolio, all identified are elevator properties. They are all located in Queens.

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