Joseph Kalimian pays $5M for Queens retail in Sunnyside, Murray Hill

Joseph Kalimian paid $5 million to Russell Abramson for retail in the Queens neighborhoods of Sunnyside and Murray Hill in two separate transactions.

In the first, Joseph Kalimian through the entity Proud Group LLC paid $2.5 million to Russell Abramson through the entity Biart Realty Corp for the retail building (K1) at 43-01 Greenpoint Avenue in Sunnyside, Queens.
The deal closed on August 11, 2025 and was recorded on August 21, 2025. The property has 6,243 square feet of built space and 12,500 square feet of additional air rights for a total buildable of 18,750 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $408 and the price per buildable square foot is $136 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 Russell Abramson was Russell Abramson. The signatory for Joseph Kalimian was Joseph Kalimian. The contract date was June 11, 2025. Russell Abramson acquired the property on April 22, 1964.

In the second, Joseph Kalimian through the entity Trend Group LLC paid $2.5 million to Russell Abramson through the entity Biart Realty Corp for the retail building (K1) at 162-02 Northern Boulevard in Murray Hill (QN), Queens. The expected use is cash flowing.
The deal closed on August 11, 2025 and was recorded on August 21, 2025. The property has 4,524 square feet of built space and 1,652 square feet of additional air rights for a total buildable of 6,197 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $563 and the price per buildable square foot is $411 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 Russell Abramson was Russell Abramson. The signatory for Joseph Kalimian was Joseph Kalimian. The contract date was June 11, 2025. Russell Abramson acquired the property on September 14, 1965.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Kalimian had purchased any other properties and sold two properties in one transaction for a total of $2.8 million over the past 24 months.
The seller Russell Abramson had not purchased any other properties and sold one property in one transaction for a total of $5 million over the same time period. The 6,243-square-foot property generated revenue of $313,421 or $50 per square foot, according to the most recent income and expense figures.

The property

The retail building in Sunnyside has 6,243 square feet of built space and 12,500 square feet of additional air rights for a total buildable of 18,750 square feet according to a PincusCo analysis of city data. The parcel has frontage of 160 feet and is 100 feet deep with a total lot size of 6,250 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 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 $750 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 Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has had very little sales volume relative to other neighborhoods with $166.8 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 667,952 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are retail.

Direct link to Acris document. 43-01 Greenpoint Avenue link

Direct link to Acris document. 162-02 Northern Boulevard link