KP Developers, Kalico Group pay $2.03M for three mixed-use properties in Elmhurst

KP Developers and Kalico Group through the entity KKP1 Group LLC paid $2 million to the Grando family’s entity JTRJ Realty Corp. for the two-unit mixed-use building (S2) at 68-10 Woodside Avenue , mixed-use building (S1) at 68-08 Woodside Avenue, and the two-unit mixed-use building (K4) at 68-06 Woodside Avenue in Elmhurst, Queens. The expected use is cahs flowing.
The deal closed on August 14, 2025 and was recorded on September 15, 2025. The three properties have 6,416 square feet of built space and 723 square feet of additional air rights for a total buildable of 6,680 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $316 and the price per buildable square foot is $303 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 the Grando family was Karen Grando. The contract date was July 8, 2025. Cash flow.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 68-06 Woodside Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer KP Developers purchased seven properties in seven transactions for a total of $26.2 million and has no record it sold any properties over the past 24 months.
The seller Karen Grando had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 6,416 square feet of built space generated revenue of $58,717 per year.

The property

The mixed-use building with 2 residential units in Elmhurst has 6,416 square feet of built space and 723 square feet of additional air rights for a total buildable of 6,680 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 113 feet deep with a total lot size of 1,808 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $364,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $3,080 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 Elmhurst, The bulk, or 40 percent of the 19.8 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has had very little sales volume relative to other neighborhoods with $186.5 million in sales volume in the last two years. For development, Elmhurst has had very little major development activity relative to other neighborhoods.It had 619,370 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

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

The majority, or 65 percent of the 22,148 square feet of built space are mixed-use buildings, with industrial buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that KP Developers owned at least 25 commercial properties with 170 residential units in New York City with 194,447 square feet and a city-determined market value of $40.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 36 percent of the 194,447 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 40 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.

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