Leopold Kaff pays $28M to Jian Yang Zhang for industrial in Ridgewood

UPDATED 4:05 a.m., December 25, 2025: Leopold Kaff through the entity Onderdonk HL Realty LLC paid $28 million to Jian Yang Zhang through the entity 75 Onderdonk Ave LLC for the industrial building (F9) at 75 Onderdonk Avenue in Ridgewood, Queens.
The deal closed on December 15, 2025 and was recorded on December 23, 2025. The property has 66,000 square feet of built space . The sale price per built square foot is $424  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 seller bought the property on July 19, 2021, for $24.5 million. The signatory for Jian Yang Zhang was Jian Yang Zhang. The signatory for Leopold Kaff was Leopold Kaff. The contract date was July 17, 2025.

Brian Jaffe of Jaffe Realty represented the sellers, and Ben Feig of Greiner-Maltz Real Estate.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Leopold Kaff had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jian Yang Zhang had not purchased any other properties and had not sold any properties over the same time period. Commercial Observer reported on December 23, 2025 that Onderdonk HL Realty paid $28 million for this property.

The property

The industrial building in Ridgewood has 42,592 square feet of built space and 84,526 square feet of additional air rights for a total buildable of 127,108 square feet according to a PincusCo analysis of city data. The parcel has frontage of 242 feet and is 259 feet deep with a total lot size of 63,554 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.8 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 not received any significant violations 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 Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $224.6 million in sales volume in the last two years. For development, Ridgewood has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 61,792 square feet of the 172,889 square feet. The largest owner is Prologis, followed by My Sales Llc and then Jack Guttman.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 172,889 square feet of built space are industrial buildings, with specialty buildings next occupying 2 percent of the space.

The buyer

The PincusCo database currently indicates that Leopold Kaff owned at least two commercial properties in New York City with 9,300 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 9,300 square feet of built space are office properties, with industrial properties next occupying 22 percent of the space. They are all located in Brooklyn.

Correction: A prior version of this post had an incorrect figure for the property’s square feet, which is 66,000. In addition, information on brokers was added to the post.

Direct link to Acris document. link