Malachite Group pays $2.7M for retail in Astoria
Malachite Group through the entity Steinway Twins LLC paid $2.7 million to Richard Plush through the entity ALM Realty of Queens LLC for the retail building (K2) at 30-24 Steinway Street in Astoria, Queens.
The deal closed on June 23, 2025 and was recorded on July 9, 2025. The property has 4,612 square feet of built space and 5,577 square feet of additional air rights for a total buildable of 10,203 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $585 and the price per buildable square foot is $264 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 Richard Plush was Richard Plush. The signatory for Malachite Group was Manouchehr Malekan . The contract date was March 10, 2025.
Recent activity for Malachite Group:
• Malachite Group borrowed $2 million from Simmons Bank for 30-24 Steinway Street, Astoria, Queens on June 23, 2025.
• Richard Plush sold 30-24 Steinway Street, Astoria, Queens for $2.7 million to Malachite Group on June 23, 2025.
• Malachite Group borrowed $1.4 million from CBD Kratom for 30-16 Steinway Street, Astoria, Queens on May 30, 2025.
• CBD Kratom sold 30-16 Steinway Street, Astoria, Queens for $2.1 million to Malachite Group on May 30, 2025.
• Malachite Group borrowed $5.1 million from Malachite Group for 72 Nassau Street and 72 Nassau Street, Financial District, Manhattan on March 14, 2025.
• Malachite Group borrowed $12.1 million from Flushing Bank for 72 Nassau Street and 72 Nassau Street, Financial District, Manhattan on March 14, 2025.
• Hidrock Properties sold 72 Nassau Street and 72 Nassau Street, Financial District, Manhattan for $18.4 million to Malachite Group on March 14, 2025.
• Malachite Group bought a loan secured by Feinstein Iron Works property at 30-35 College Point Blvd, College Point, Queens on March 17, 2025.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Malachite Group purchased three properties in two transactions for a total of $20.5 million and has no record it sold any properties over the past 24 months.
The seller Richard Plush had not purchased any other properties and had not sold any properties over the same time period. The 4,612-square-foot property generated revenue of $327,467 or $71 per square foot, according to the most recent income and expense figures.
The property
The retail building in Astoria has 4,612 square feet of built space and 5,577 square feet of additional air rights for a total buildable of 10,203 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 90 feet deep with a total lot size of 3,401 square feet. The zoning is C4-2A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.5 times the average sales volume among other neighborhoods with $665.7 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other retail buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of eight of the 52 commercial properties representing 37,653 square feet of the 228,968 square feet. The largest owner is David Weinman, followed by Kwang On Bang and then Ira Appelbaum.
On the tax block, there was one new building construction project filed totaling 6,696 square feet. It is a five-unit, 6,696 square-foot residential (R-2) building submitted by John Budis with plans filed November 22, 2019 and it has not been permitted yet.
The majority, or 51 percent of the 228,968 square feet of built space are mixed-use buildings, with retail buildings next occupying 22 percent of the space.
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