KP Developers pays $2.4M for retail in Middle Village

KP Developers through the entity Northern Blvd 2626 LLC paid $2.4 million to Russell Abramson through the entity Rustin Realty Corp for the retail building (K1) at 82-10 Eliot Avenue in Middle Village, Queens. The expected use is cash flowing.
The deal closed on January 29, 2026 and was recorded on February 4, 2026. The property has 7,278 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $333 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 the buyers Fereydoun Khalili and KP Developers was Ryan Pedram . The contract date was December 19, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Fereydoun Khalili purchased four properties in four transactions for a total of $22.2 million and sold one property in one transaction for a total of $3 million over the past 24 months.
The seller Russell Abramson had not purchased any other properties and sold four properties in four transactions for a total of $12.4 million over the same time period. The 7,278-square-foot property generated revenue of $225,130 or $31 per square foot, according to the most recent income and expense figures.

The property

The retail building in Middle Village has 7,278 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 133 feet and is 161 feet deep with a total lot size of 7,278 square feet. The lot is irregular. The zoning is R4B which allows for up to 0.9 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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 received $100 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 Middle Village, The bulk, or 22 percent of the 3.2 million square feet of commercial built space are specialty buildings, with industrial buildings next occupying 21 percent of the space. In sales, Middle Village has the 45th highest sale turnover among other neighborhoods in Queens with $15.7 million in sales volume in the last two years. For development, Middle Village has had very little major development activity relative to other neighborhoods.It had 135,734 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are retail.

The buyer

The PincusCo database currently indicates that Fereydoun Khalili owned at least 33 commercial properties with 27 residential units in New York City with 292,466 square feet and a city-determined market value of $45.9 million. (Market value is typically about 50% of actual value.) The portfolio has $32.7 million in debt, borrowed from First National Bank of Long Island and Ridgewood Savings Bank. Within the portfolio, the bulk, or 43 percent of the 292,466 square feet of built space are office properties, with mixed-use properties next occupying 39 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 29 commercial properties with 177 residential units in New York City with 203,409 square feet and a city-determined market value of $42.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 35 percent of the 203,409 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

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