Iris Holdings Group pays $9.9M to LeFrak for 68-unit rental in Kew Gardens, 13th of $180M

Iris Holdings Group through the entity State Preservation Housing Development Fund Corp paid $9.9 million to LeFrak through the entity Wyoming Leasing Limited Partnership for the 68-unit residential elevator building (D1) at 84-20 Austin Street in Kew Gardens, Queens. The expected use is cash flowing.
This is the thirteenth purchase Iris Holdings Group has made with LeFrak as the seller, totaling $180 million.
The deal closed on October 31, 2025 and was recorded on November 25, 2025. The property has 53,252 square feet of built space and 24,200 square feet of additional air rights for a total buildable of 77,440 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $185 and the price per buildable square foot is $127 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 LeFrak was Arnold S. Lehman . The signatory for Iris Holdings Group was Chayim Kirschenbaum . Iris Holdings Group is an affiliate of Black Iris Capital. The contract date was April 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Iris Holdings Group purchased 12 properties in 12 transactions for a total of $171.1 million and has no record it sold any properties over the past 24 months.
The seller LeFrak had not purchased any other properties and sold 21 properties in 14 transactions for a total of $214 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Bernhardt, head officer and Margaret Broda, officer. The business entities are Estates Ny Real Estate Services Llc and Wyoming Leasing Limited Partnership. The 53,252-square-foot property generated revenue of $1.5 million or $27 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 68 residential units in Kew Gardens has 53,252 square feet of built space and 24,200 square feet of additional air rights for a total buildable of 77,440 square feet according to a PincusCo analysis of city data. The parcel has frontage of 268 feet and is 114 feet deep with a total lot size of 19,360 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.4 million. The property has 64 rent regulated units according to city tax records from 2023.

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 20 housing violations 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 block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 128,180 square feet of the 128,180 square feet. The largest owner is Richard Eisenberg, followed by Lefrak and then LIRR.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 128,180 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that LeFrak owned at least 51 commercial properties with 8,977 residential units in New York City with 10,173,624 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 10,173,624 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Manhattan next at 35 percent of the space.

The buyer

The PincusCo database currently indicates that Iris Holdings Group owned at least 28 commercial properties with 1,733 residential units in New York City with 1,654,186 square feet and a city-determined market value of $133.9 million. (Market value is typically about 50% of actual value.) The portfolio has $219.2 million in debt, with top three lenders as MF1 Capital, National Equity Fund, and KeyBank respectively. Within the portfolio, the bulk, or 72 percent of the 1,654,186 square feet of built space are elevator properties, with walkup properties next occupying 28 percent of the space. The bulk, or 75 percent of the built space, is in Queens, with Brooklyn next at 25 percent of the space.

Direct link to Acris document. link