Gold Hat Realty pays $3.4M to Solomon Landau for industrial in Glendale

Gold Hat Realty, founded by long-time Atkins & Breskin co-managing partner Jerry Atkins, through the entity 88-05 Realty 1031, LLC paid $3.4 million to Solomon Landau through the entity 8805 NY LLC for the industrial building (F9) at 88-05 76th Avenue in Glendale, Queens.
The deal closed on August 11, 2025 and was recorded on August 21, 2025. The property has 11,250 square feet of built space and 7,347 square feet of additional air rights for a total buildable of 18,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $302 and the price per buildable square foot is $182 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 November 19, 2024, for $2 million. The signatory for Solomon Landau was Solomon Landau. The signatory for Gold Hat Realty was Hakimi Law attorney, Benjamin Sedaghatzandi . The contract date was May 9, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gold Hat Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Solomon Landau purchased one property in one transaction for a total of $2 million and sold one property in one transaction for a total of $16.5 million over the same time period. The 11,250-square-foot property generated revenue of $257,963 or $23 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Glendale has 11,250 square feet of built space and 7,347 square feet of additional air rights for a total buildable of 18,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 65 feet and is 100 feet deep with a total lot size of 9,300 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.4 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 $50 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 Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has had very little sales volume relative to other neighborhoods with $122.9 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 35,971 square feet of commercial and multi-family construction under development in the last two years, which represents 0.57 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of six of the 10 commercial properties representing 56,299 square feet of the 74,623 square feet. The largest owner is Hui Mei Lin, followed by Emil Izrailov and then Solomon Landau.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 74,623 square feet of built space are industrial buildings, with retail buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Solomon Landau owned at least three commercial properties with 16 residential units in New York City with 23,196 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio has $13.9 million in debt, borrowed from Hanover Community Bank and Popular Bank. Within the portfolio, the bulk, or 52 percent of the 23,196 square feet of built space are walkup properties, with industrial properties next occupying 48 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Queens next at 48 percent of the space.

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