Malachite Group signs $14.4M acquisition loan for retail in Rego Park

Malachite Group through the entity Rego Park Portfolio II LLC as borrower signed a acquisition loan with lender Flushing Bank through the entity Flushing Bank valued at $14.4 million for three retail properties including the retail building (K1) at 95-05 63rd Drive in Rego Park, Queens, retail building (K1) at 95-02 63rd Drive in Rego Park, Queens, and retail building (K1) at 94-14 63rd Drive in Rego Park, Queens.
The deal closed on December 18, 2025 and was recorded on January 26, 2026. The prior lender was Series 2021-L7|KeyBank which held debt that had an original loan amount of $7 million.The three properties have 29,500 square feet of built space and 43,400 square feet of additional air rights for a total buildable of 72,900 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $488 and the price per buildable square foot is $197 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 Malachite Group was Manouchehr Malekan . The signatory for Flushing Bank was Corinne M. Mullen .

These properties were part of a $66 million acquisition Malachite Group made on December 17, 2026, the day before the loans, which were dated December 18.

Prior sales, articles and revenue

The three properties with a total of 29,500 square feet of built space generated revenue of $2 million per year or $66 per square foot.
Commercial Observer reported on January 6, 2026, that Malachite Group paid $66 million to Imperial Sterling for the properties.

The property

The retail building in Rego Park has 29,500 square feet of built space and 43,400 square feet of additional air rights for a total buildable of 72,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 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 $2.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 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 $272.1 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 853,331 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 the tax block of 95-05 63rd Drive, PincusCo has identified the owners of seven of the 14 commercial properties representing 236,263 square feet of the 257,443 square feet. The two identified owners are Triumph Real Estate Management and Malachite Group.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 257,443 square feet of built space are elevator buildings, with retail buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Malachite Group owned at least 17 commercial properties with 27 residential units in New York City with 186,690 square feet and a city-determined market value of $42 million. (Market value is typically about 50% of actual value.) The portfolio has $56.7 million in debt, with top three lenders as Flushing Bank, Citizens Bank, and Malachite Group respectively. Within the portfolio, the bulk, or 78 percent of the 186,690 square feet of built space are retail properties, with walkup properties next occupying 14 percent of the space. The bulk, or 88 percent of the built space, is in Queens, with Manhattan next at 12 percent of the space.

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