FBL Development pays $11.2M to Kenneth Kerim for likely dev site in Sunnyside

FBL Development through the entity Amara 3939 LLC paid $11.2 million to Kenneth Kerim through the entity Kd Kerim LLC for the retail property at 39-39 Queens Boulevard in Sunnyside, Queens. The expected use is ground up development.
The deal closed on April 17, 2026 and was recorded on May 12, 2026. The property has 9,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,174 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 Kenneth Kerim was Kenneth D. Kerim . The signatory for FBL Development was Yong Chen . The contract date was February 26, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer FBL Development purchased two properties in one transaction for a total of $5.6 million and has no record it sold any properties over the past 24 months.
The seller Kenneth Kerim had not purchased any other properties and had not sold any properties over the same time period. The 9,500-square-foot property generated revenue of $435,860 or $46 per square foot, according to the most recent income and expense figures.

The property

The property in Sunnyside has 9,500 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 9,500 square feet. The city-designated market value for the property in 2022 is $2 million. The zoning is R7A and C1-4.

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 block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 155,309 square feet of the 281,237 square feet. The largest owner is A&E Real Estate Holdings, followed by Adi Management and then Sergiu Cernasov.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 281,237 square feet of built space are walkup buildings, with elevator buildings next occupying 43 percent of the space.

The buyer

The PincusCo database currently indicates that Fbl Development owned at least 10 commercial properties in New York City with 26,771 square feet and a PincusCo-determined asset value of $228.4 million. Within the portfolio, the bulk, or 56 percent of the 26,771 square feet of built space are industrial properties, with retail properties next occupying 32 percent of the space.

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