Michuel Klein pays $2.1M to Stan Kotlyar for 46-unit dev site in Far Rockaway

Michuel Klein through the entity Beach 21 Holdings LLC paid $2.1 million to Stan Kotlyar through the entity Kotlar Realty LLC for the retail building (K4) at 10-27 Beach 20th Street in Far Rockaway, Queens. The expected use is ground up development.

On the lot, there is one active new building construction project, Q01371758, for a 46-unit, 25,020 square-foot residential (R-2) building. The project was submitted by Michuel Klein with plans filed March 30, 2026 and it has not been permitted yet.
The deal closed on March 30, 2026 and was recorded on April 22, 2026. The property has 3,750 square feet of built space and 15,680 square feet of additional air rights for a total buildable of 19,440 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $573 and the price per buildable square foot is $110 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 Stan Kotlyar was Stan Kotlyar. The signatory for Michuel Klein was Michuel Klein. The contract date was July 5, 2026.

At the same time, Michuel Klein obtained a $10.3 million construction loan from Broadview Capital.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Michuel Klein had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stan Kotlyar had not purchased any other properties and had not sold any properties over the same time period. The 3,750-square-foot property generated revenue of $131,213 or $35 per square foot, according to the most recent income and expense figures.

The property

The retail building in Far Rockaway has 3,750 square feet of built space and 15,680 square feet of additional air rights for a total buildable of 19,440 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 160 feet deep with a total lot size of 8,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $505,000.

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.

The neighborhood

In Far Rockaway, The majority, or 65 percent of the 12.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Far Rockaway has had very little sales volume relative to other neighborhoods with $171.1 million in sales volume in the last two years. For development, Far Rockaway has had very little major development activity relative to other neighborhoods.It had 953,974 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 15 commercial properties representing 3,000 square feet of the 121,902 square feet. The identified owner is Annette Deer.
On the tax block, there was one new building construction project filed totaling 25,020 square feet. It is a 46-unit, 25,020 square-foot residential (R-2) building submitted by Michael Klein and filed by Michael Klein with plans filed March 30, 2026 and it has not been permitted yet.

The majority, or 54 percent of the 121,902 square feet of built space are mixed-use buildings, with walkup buildings next occupying 25 percent of the space.

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