Buyer pays $4.5M to Kenneth Corwen for mixed-use in Jamaica

The entity Bh 166 Holding LLC paid $4.5 million to Kenneth Corwen through the entity Kimaqu Corporation for the mixed-use building (K2) at 166-30 Jamaica Avenue in Jamaica, Queens. The expected use is cash flowing.
The deal closed on December 1, 2025 and was recorded on December 11, 2025. The property has 11,600 square feet of built space and 40,561 square feet of additional air rights for a total buildable of 52,175 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $383 and the price per buildable square foot is $85 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 Kenneth Corwen was Kenneth Corwen. The contract date was November 5, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer purchased one property in one transaction for a total of $2.5 million and has no record it sold any properties over the past 24 months.
The seller Kenneth Corwen had not purchased any other properties and had not sold any properties over the same time period. The 11,600-square-foot property generated revenue of $409,248 or $35 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Jamaica has 11,600 square feet of built space and 40,561 square feet of additional air rights for a total buildable of 52,175 square feet according to a PincusCo analysis of city data. The parcel has frontage of 61 feet and is 104 feet deep with a total lot size of 8,667 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $1.6 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 $130 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $283.7 million in sales volume in the last two years and is the 8th highest in Queens. For development, Jamaica has 1.6 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 13 of the 25 commercial properties representing 187,796 square feet of the 279,635 square feet. The largest owner is Mattone Investors, followed by Sol Goldman Investments and then S6 Management.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 279,635 square feet of built space are retail buildings, with mixed-use buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that the buyer owned at least four commercial properties with one residential unit in New York City with 9,680 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 65 percent of the 9,680 square feet of built space are retail properties, with mixed-use properties next occupying 35 percent of the space. They are all located in Queens.

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