Ioannis Likidis pays $4M for retail in Forest Hills

Ioannis Likidis through the entity 96-09 Forest Realty LLC paid $4 million to Shahanara Khan through the entity 96-01 Forest Hills LLC for the retail building (K1) at 96-01 69th Avenue in Forest Hills, Queens. The expected use is cash flowing.
The deal closed on July 16, 2025 and was recorded on July 29, 2025. The property has 7,900 square feet of built space and 1,325 square feet of additional air rights for a total buildable of 9,179 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $506 and the price per buildable square foot is $435 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 July 30, 2018, for $5.5 million. The signatory for Shahanara Khan was Shahanara Khan. The signatory for Ioannis Likidis was Ioannis Likidis. The contract date was March 6, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ioannis Likidis purchased three properties in three transactions for a total of $15.4 million and has no record it sold any properties over the past 24 months.
The seller Shahanara Khan had not purchased any other properties and had not sold any properties over the same time period. The 7,900-square-foot property generated revenue of $400,293 or $51 per square foot, according to the most recent income and expense figures.

The property

The retail building in Forest Hills has 7,900 square feet of built space and 1,325 square feet of additional air rights for a total buildable of 9,179 square feet according to a PincusCo analysis of city data. The parcel has frontage of 90 feet and is 100 feet deep with a total lot size of 10,199 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 $1.9 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 Forest Hills, The majority, or 61 percent of the 14.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 12 percent of the space. In sales, Forest Hills has had very little sales volume relative to other neighborhoods with $84.2 million in sales volume in the last two years. For development, Forest Hills has had very little major development activity relative to other neighborhoods.It had 721,626 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 6,919 square feet of the 22,559 square feet. The two identified owners are Vincent Koo and Frank Pennacchio And Carmela M. Pennacchio.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 22,559 square feet of built space are mixed-use buildings, with retail buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Shahanara Khan owned at least seven commercial properties with 89 residential units in New York City with 91,168 square feet and a city-determined market value of $17.9 million. (Market value is typically about 50% of actual value.) The portfolio has $20.9 million in debt, borrowed from Signature Bank and Cathay Bank. Within the portfolio, the bulk, or 69 percent of the 91,168 square feet of built space are walkup properties, with retail properties next occupying 31 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Ioannis Likidis owned at least 11 commercial properties with 40 residential units in New York City with 42,884 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 42,884 square feet of built space are walkup properties, with mixed-use properties next occupying 37 percent of the space. They are all located in Queens.

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