Eduart Shllaku pays Barberry Rose $20.35M for 155-unit rental in Jamaica Estates

Eduart Shllaku through the entity 183-11 Hillside Realty LLC paid $20.35 million to Barberry Rose Management Company through the entity Park Towers East  LLC for the 12-story elevator, rental building at 183-11 Hillside Avenue, Jamaica Estates, Queens. The expected use is cash flowing.

Prior to this, Barberry Rose had sold more than 30 buildings over the past four years totaling about $124 million. This is the most expensive building the firm has sold in that period.

The sale closed on January 24, 2025, and was recorded on February 4, 2025. The contract date was August 28, 2024.

Lewis Barbanel signed for the seller, while Eduart Shllaku signed for the buyer.

The elevator building with 155 residential units in Jamaica Estates was constructed in 1962 and has 139,143 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 180 feet deep with a total lot size of 20,400 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13.1 million. The most recent loan totaled $10 million and was provided by Principal Life Insurance Company on August 2, 2021.

The PincusCo database currently indicates that Eduart Shllaku owned at least five commercial properties with about 240,000 square feet, 254 residential units and a city-determined market value of $16.2 million. (Market value is typically about 50% of actual value.) The portfolio has $15.9 million in debt, borrowed from New York Community Bank and Ridgewood Community Bank. Within the portfolio, all identified are elevator properties. Properties are in the Bronx, Manhattan and Queens.

The PincusCo database currently indicates that Barberry Rose Management Company owned at least eight commercial properties with 308,429 square feet, 301 residential units and a city-determined market value of $40 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Principal Life Insurance Company. Within the portfolio, the bulk, or 64 percent of the 308,429 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 45 percent of the built space, is in Queens, with Manhattan next at 30 percent of the space.

Prior sales and revenue

The 139,143-square-foot property generated revenue of $3 million or $22 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $3,125 in ECB penalties, 44 housing violations, and $3,355 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Jamaica Estates, The majority, or 58 percent of the 2.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica Estates has near average sales volume among other neighborhoods with $21.4 million in sales volume in the last two years and is the 39th highest in Queens. For development, Jamaica Estates has near average amount of major developments among other neighborhoods and is the 43rd highest in Queens. It had 49,345 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the seven commercial properties representing 324,039 square feet of the 452,647 square feet. The largest owner is Barberry Rose Management Company, followed by Cammeby’S International Group and then Ciampa Organization. On the tax block, there was one new building construction project filed totaling 39,536 square feet. It is a 46-unit, 39,536 square-foot residential (R-2) building submitted by Piermont Properties and filed by Michael Grey with plans filed June 4, 2020 and permitted June 3, 2022.

The owner

The PincusCo database currently indicates that Barberry Rose Management Company owned at least eight commercial properties with 301 residential units in New York City with 308,429 square feet and a city-determined market value of $40 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Principal Life Insurance Company. Within the portfolio, the bulk, or 64 percent of the 308,429 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 45 percent of the built space, is in Queens, with Manhattan next at 30 percent of the space.

The owners according to the Department of Housing Preservation and Development includes Lewis Barbanel, head officer and Azriel Graeber, officer. The business entities are Barberry Rose Management Co. Inc. and Park Towers East Llc.

The surrounding

Within a 400-foot radius of 183-11 Hillside Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Ciampa Organization borrowed $16.5 million from Popular Bank secured by the zero-square-foot development site (V1) on None on February 28, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.