GIZ Properties pays $7M for retail in Flushing

GIZ Properties through the entity 67 GZ Centers LLC paid $7 million to David Sedgh and Jeffrey Brandler through the entity Main Street DS LLC for the retail building (K1) at 67-03 Main Street in Flushing, Queens. The expected use is cash flowing.
The deal closed on June 25, 2025 and was recorded on July 11, 2025. The property has 13,700 square feet of built space and 2,343 square feet of additional air rights for a total buildable of 15,975 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $510 and the price per buildable square foot is $438 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 seller bought the property on December 27, 2012, for $4.3 million. The signatory for David Sedgh and Jeffrey Brandler was David Sedgh and Jeffrey Brandler. The signatory for GIZ Properties was Gil Zubarov . The contract date was April 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer GIZ Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Sedgh had not purchased any other properties and had not sold any properties over the same time period. The 13,700-square-foot property generated revenue of $706,098 or $52 per square foot, according to the most recent income and expense figures.

The property

The retail building in Flushing has 13,700 square feet of built space and 2,343 square feet of additional air rights for a total buildable of 15,975 square feet according to a PincusCo analysis of city data. The parcel has frontage of 205 feet and is 103 feet deep with a total lot size of 21,300 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4 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 $300 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.4 times the average sales volume among other neighborhoods with $643.8 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Queens. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

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

The majority, or 100 percent of the 13,700 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.

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