Malachite Group pays $13.1M to Golding family’s Imperial Sterling for retail in Rego Park

Manouchehr Malekan’s Malachite Group through the entity Rego Park Portfolio I LLC paid $13.1 million to Imperial Sterling through the entity Rp 121, LLC for the retail building (K1) at 96-16 Queens Boulevard in Rego Park, Queens.
The deal closed on December 17, 2025 and was recorded on December 31, 2025. The property has 15,000 square feet of built space and 21,450 square feet of additional air rights for a total buildable of 36,450 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $873 and the price per buildable square foot is $359 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 Imperial Sterling was Jerrold G. Levy . The signatory for Malachite Group was Manouchehr Malekan . The contract date was June 18, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Malachite Group purchased six properties in five transactions for a total of $27.5 million and has no record it sold any properties over the past 24 months.
The seller Imperial Sterling had not purchased any other properties and had not sold any properties over the same time period. The 15,000-square-foot property generated revenue of $1.2 million or $80 per square foot, according to the most recent income and expense figures.

The property

The retail building in Rego Park has 15,000 square feet of built space and 21,450 square feet of additional air rights for a total buildable of 36,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $5.8 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 received $400 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 Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $204.3 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 856,537 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 50,262 square feet of the 78,162 square feet. The two identified owners are South Street Securities and Jerrold G. Levy.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 78,162 square feet of built space are retail buildings, with mixed-use buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Malachite Group owned at least six commercial properties with 27 residential units in New York City with 79,708 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) The portfolio has $32.5 million in debt, with top three lenders as Flushing Bank, Citizens Bank, and Malachite Group respectively. Within the portfolio, the bulk, or 47 percent of the 79,708 square feet of built space are retail properties, with walkup properties next occupying 33 percent of the space. The bulk, or 73 percent of the built space, is in Queens, with Manhattan next at 27 percent of the space.

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