Jack Guttman’s Pearl Realty pays $42.8M to RXR for LIC office

Jack Guttman’s Pearl Realty Management through the entity 3718 Northern Blvd LLC paid $42.8 million to RXR Realty through the entity RXR Smp Owner LLC for the office building (O5) at 37-18 Northern Boulevard in Long Island City, Queens. The expected use is cash flowing.
The deal closed on September 16, 2025 and was recorded on September 24, 2025. The property has 318,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $134 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 March 16, 2016, for $31.2 million. The signatory for RXR Realty was David Frank . The signatory for Pearl Realty Management was Jack Guttman . The contract date was August 15, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Pearl Realty Management purchased three properties in three transactions for a total of $61 million and sold 13 properties in seven transactions for a total of $262.1 million over the past 24 months.
The seller RXR Realty purchased seven properties in four transactions for a total of $1.8 billion and sold nine properties in six transactions for a total of $1.3 billion over the same time period. The 318,000-square-foot property generated revenue of $9 million or $28 per square foot, according to the most recent income and expense figures.

The property

The office building in Long Island City has 318,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 490 feet and is 135 feet deep with a total lot size of 38,164 square feet. The lot is irregular. The zoning is M1-5 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $43.1 million. Lone Star Funds on February 26, 2025 bought a loan with an original principal of from signed by David Frank, secured by 37-18 Northern Boulevard, when owned by RXR Realty.

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 $1,535 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 27, 2019. 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.2 times the average sales volume among other neighborhoods with $940.3 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 9th most active neighborhood among other neighborhoods. It had 6.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 13 commercial properties representing 360,680 square feet of the 715,257 square feet. The largest owner is Rxr Realty, followed by Jack Guttman and then Lirr.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 715,257 square feet of built space are office buildings, with industrial buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Rxr Realty owned at least 25 commercial properties with 1,000 residential units in New York City with 11,991,935 square feet and a city-determined market value of $4.5 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 11,991,935 square feet of built space are office properties, with D3 properties next occupying 3 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Brooklyn next at 12 percent of the space.

The buyer

The PincusCo database currently indicates that Pearl Realty Management owned at least 65 commercial properties with 10 residential units in New York City with 1,296,125 square feet and a city-determined market value of $180.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 1,296,125 square feet of built space are industrial properties, with office properties next occupying 23 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Queens next at 18 percent of the space.

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