Lakhwinder Multani pays $14.3M to Rialto Management Group for hotel in Long Island City

Lakhwinder Multani through the entity 29-11 39th Avenue LLC paid $14.3 million through a real estate owned sale to Rialto Management Group through the entity Rss Wfcm2013-Lc12 – Ny Lic, LLC for the hotel building (H3) at 29-11 39th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on December 19, 2025 and was recorded on January 8, 2026. The property has 28,350 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $505 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.)
Rialto, the prior lender, took title the property on October 21, 2025, for a transfer value of $13.9 million. The signatory for Rialto Management Group was Adam Singer . The contract date was November 19, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Lakhwinder Multani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rialto Management Group purchased seven properties in five transactions for a total of $38.2 million and sold one property in one transaction for a total of $2.4 million over the same time period. The 28,350-square-foot property generated revenue of $2.7 million or $95 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Long Island City has 28,350 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 99 feet deep with a total lot size of 4,958 square feet. The zoning is M1-2/R5D which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential. The city-designated market value for the property in 2022 is $5.8 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $8 million money judgment concerning a loan filed on March 19, 2024, by Steven Baharestani and Martin Baharestani against Series 2013-LC12 and Rialto Capital Advisors. In addition, according to city public data, the property has received one DOB violation and $1,250 in ECB 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 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 3.4 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 6.5 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 hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 74,485 square feet of the 143,791 square feet. The largest owner is Rialto Capital, followed by Nick Melissinos and then Kingdom Equities.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 143,791 square feet of built space are industrial buildings, with walkup buildings next occupying 29 percent of the space.

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