Fereydoun Khalili, KP Developers pay $11.4M for office in Jackson Heights

Fereydoun Khalili and KP Developers through the entity 2682 LLC paid $11.4 million to Vision Enterprises Management through the entity 82 Associates LLC for the office building (O5) at 37-02 82nd Street in Jackson Heights, Queens. The expected use is cash flowing.
The deal closed on March 4, 2025 and was recorded on March 10, 2025. The property has 27,324 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $415 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 Vision Enterprises Management was Leonard Zangas . The signatory for Fereydoun Khalili and KP Developers was Fereydoun Khalili and Ryan Pedram . The contract date was February 26, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Fereydoun Khalili purchased four properties in four transactions for a total of $12 million and has no record he sold any properties over the past 24 months.
The seller Vision Enterprises Management had not purchased any other properties and had not sold any properties over the same time period. The 27,324-square-foot property generated revenue of $1.3 million or $49 per square foot, according to the most recent income and expense figures.

The property

The office building in Jackson Heights has 27,324 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The property is in the Jackson Heights Historic District. The city-designated market value for the property in 2022 is $5.9 million. The most recent loan totaled $7.2 million and was provided by Law Offices of Thomas Lavin registered on December 24, 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 one DOB violation and $2,735 in OATH 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 neighborhood

In Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $153.7 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 372,591 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 eight of the 24 commercial properties representing 120,220 square feet of the 370,540 square feet. The largest owner is William Dayan, followed by Vision Enterprises Management and then A&E Real Estate Holdings.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 370,540 square feet of built space are elevator buildings, with mixed-use buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Vision Enterprises Management owned at least one commercial property in New York City with 27,324 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio has $7.2 million in debt, borrowed from Law Offices of Thomas Lavin registered. The portfolio consists of at least a single office property. It is located in Queens.

The buyer

The PincusCo database currently indicates that Fereydoun Khalili owned at least 32 commercial properties with 27 residential units in New York City with 265,142 square feet and a city-determined market value of $40.1 million. (Market value is typically about 50% of actual value.) The portfolio has $29.5 million in debt, borrowed from First National Bank of Long Island. Within the portfolio, the bulk, or 43 percent of the 265,142 square feet of built space are mixed-use properties, with office properties next occupying 37 percent of the space. The bulk, or 95 percent of the built space, is in Queens, with Brooklyn next at 5 percent of the space.
The PincusCo database currently indicates that KP Developers owned at least 21 commercial properties with 162 residential units in New York City with 157,619 square feet and a city-determined market value of $32.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 45 percent of the 157,619 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 50 percent of the built space, is in Manhattan, with Brooklyn next at 36 percent of the space.

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