Manny Malekan’s Malachite Group buys $6M note on College Point industrial

Manny Malekan’s Malachite Group through the entity Mmm Funding LLC bought a note with an original principal of $6 million from Flushing Bank secured by Daniel Feinstein’s Feinstein Iron Works’s industrial building (G8) at 30-35 College Point Boulevard in College Point, Queens.
The deal closed on March 17, 2025 and was recorded on March 27, 2025. The prior lender was Flushing Bank which held debt that had an original loan amount of $6 million. The property has 66,728 square feet of built space and 172,044 square feet of additional air rights for a total buildable of 238,950 square feet according to a PincusCo analysis of city data.
The owner bought the property on December 16, 2010, for $3 million. The signatory for Feinstein Iron Works in the 2016 Flushing Bank loan was Daniel Feinstein.

The property

The industrial building in College Point has 66,728 square feet of built space and 172,044 square feet of additional air rights for a total buildable of 238,950 square feet according to a PincusCo analysis of city data. The parcel has frontage of 210 feet and is 655 feet deep with a total lot size of 119,475 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $11.4 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 one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 13, 2018. 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 College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has near average sales volume among other neighborhoods with $279 million in sales volume in the last two years and is the 7th highest in Queens. For development, College Point has had very little major development activity relative to other neighborhoods.It had 535,379 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

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

The majority, or 100 percent of the 66,728 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

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