Malul & Co. pays $3.9M for dev site in Kew Garden Hills

Malul & Co. through the entity The Royal Plaza LLC paid $3.9 million to Martin Oliner through the entity Union Turnpike, LLC for the development site (V1) at 161-09 Union Turnpike in Kew Garden Hills, Queens. The expected use is ground up development.
The deal closed on February 2, 2026 and was recorded on March 4, 2026. The property has zero square feet of built space and 4,531 square feet of additional air rights for a total buildable of 4,531 square feet according to a PincusCo analysis of city data.
The signatory for Martin Oliner was Martin Oliner. The signatory for Malul & Co. was Shalom Malul . The contract date was October 6, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Malul & Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Martin Oliner had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 145 feet and is 85 feet deep with a total lot size of 9,063 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $552,369.

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

On the lot, there is one active new building construction project, Q00572086, for a 929 square-foot A-2 building. The project was submitted by Paola Bergonzi with plans filed August 25, 2021 and it has not been permitted yet.

The neighborhood

In Kew Garden Hills, The bulk, or 36 percent of the 4.1 million square feet of commercial built space are walkup buildings, with specialty buildings next occupying 24 percent of the space. In sales, Kew Garden Hills has had very little sales volume relative to other neighborhoods with $224.2 million in sales volume in the last two years. For development, Kew Garden Hills has had very little major development activity relative to other neighborhoods.It had -20,034 square feet of commercial and multi-family construction under development in the last two years, which represents -0.49 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 79,800 square feet of the 88,841 square feet. The identified owner is Bent Philipson.
On the tax block, there was one new building construction project filed totaling 929 square feet. It is a 929 square-foot assembly (A-2) building submitted by Paola Bergonzi with plans filed August 25, 2021 and it has not been permitted yet.

The majority, or 90 percent of the 88,841 square feet of built space are specialty buildings, with office buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Malul & Co. owned at least four commercial properties with 16 residential units in New York City with 26,008 square feet and a city-determined market value of $3.7 million. (Market value is typically about 50% of actual value.) The portfolio has $14 million in debt, borrowed from Greystone & Co.. Within the portfolio, the bulk, or 43 percent of the 26,008 square feet of built space are walkup properties, with office properties next occupying 36 percent of the space. The bulk, or 64 percent of the built space, is in Brooklyn, with Queens next at 36 percent of the space.

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