Krishna Chaluvadi pays $8.3M for retail in Jamaica Estates

Krishna Chaluvadi through the entity 16901 Hillside Realty LLC paid $8.3 million to the estate of Edmund A. Schwesinger Jr. through the entity Hillside Homelawn Corporation for the retail building (K1) at 169-01 Hillside Avenue in Jamaica Estates, Queens.
The deal closed on October 31, 2025 and was recorded on November 12, 2025. The property has 12,000 square feet of built space and 24,000 square feet of additional air rights for a total buildable of 36,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $691 and the price per buildable square foot is $230 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 late Edmund A. Schwesinger Jr. was Thomas A. Banahan and Darlene Macdonald. The signatory for Krishna Chaluvadi was Krishna Chaluvadi. The contract date was October 31, 2025. Edmund A. Schwesinger Jr. died in 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Krishna Chaluvadi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Edmund A. Schwesinger Jr. had not purchased any other properties and had not sold any properties over the same time period. The 12,000-square-foot property generated revenue of $733,915 or $61 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jamaica Estates has 12,000 square feet of built space and 24,000 square feet of additional air rights for a total buildable of 36,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 136 feet and is 100 feet deep with a total lot size of 12,000 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 $4.1 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 $1,000 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 Estates, The majority, or 58 percent of the 2.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica Estates has the 29th highest sale turnover among other neighborhoods in Queens with $47.2 million in sales volume in the last two years. For development, Jamaica Estates has had very little major development activity relative to other neighborhoods.It had 150,727 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 87,478 square feet of the 224,263 square feet. The two identified owners are Pinnacle Group and Munir Islam.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 224,263 square feet of built space are elevator buildings, with retail buildings next occupying 33 percent of the space.

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