Moses Rabinovits pays $6.4M to A&H Acquisitions for dev site in Ridgewood

UPDATED, 1:50 p.m., April 23, 2026: Moses Rabinovits through the entity Onderdonk Suites LLC paid $6.4 million to A&H Acquisitions through the entity 5723 Myrtle Avenue LLC for the retail building (K1) at 57-23 Myrtle Avenue and 914 Onderdonk Avenue in Ridgewood, Queens. The expected use is ground up development.
The deal closed on March 27, 2026 and was recorded on April 22, 2026. The two properties have 13,218 square feet of built space and 26,436 square feet of additional air rights for a total buildable of 39,654 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $484 and the price per buildable square foot is $161 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 A&H Acquisitions was Marcus Adjmi . The contract date was September 29, 2025.

The sale was brokered by Jonah Corney and Levi Rotenberg of Rosewood Realty Group.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Moses Rabinovits had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller A&H Acquisitions purchased one property in one transaction for a total of $19.2 million and sold two properties in two transactions for a total of $53.9 million over the same time period. Out of the two properties, one with a total of 13,218 square feet of built space generated revenue of $456,285 per year.

The property

The retail building in Ridgewood has 13,218 square feet of built space and 26,436 square feet of additional air rights for a total buildable of 39,654 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 200 feet deep with a total lot size of 13,218 square feet. The lot is irregular. The zoning is C4-3A 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 $2.4 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 received $4,300 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project, Q01337462, for a 62-unit, 46,102 square-foot R-2 building. The project was submitted by Herman Rubin and filed by Herman Rubin with plans filed December 26, 2025 and it has not been permitted yet.

The neighborhood

In Ridgewood, The bulk, or 38 percent of the 20 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 29 percent of the space. In sales, Ridgewood has had very little sales volume relative to other neighborhoods with $265.7 million in sales volume in the last two years. For development, Ridgewood has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 1.4 million 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 the tax block of 57-23 Myrtle Avenue, PincusCo has identified the owners of nine of the 35 commercial properties representing 47,744 square feet of the 177,177 square feet. The largest owner is Achs Management, followed by Botsaris Morris Realty and then Donna Shavolian Hedvat.
On the tax block, there was one new building construction project filed totaling 46,102 square feet. It is a 62-unit, 46,102 square-foot residential (R-2) building submitted by Herman Rubin and filed by Herman Rubin with plans filed December 26, 2025 and it has not been permitted yet.

The majority, or 63 percent of the 177,177 square feet of built space are mixed-use buildings, with walkup buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that A&H Acquisitions owned at least nine commercial properties with 74 residential units in New York City with 550,475 square feet and a city-determined market value of $258.4 million. (Market value is typically about 50% of actual value.) The portfolio has $37.4 million in debt, with top three lenders as Flushing Bank, Metropolitan Commercial Bank, and Customers Bank respectively. Within the portfolio, the bulk, or 35 percent of the 550,475 square feet of built space are office properties, with retail properties next occupying 31 percent of the space. The bulk, or 35 percent of the built space, is in Manhattan, with Brooklyn next at 34 percent of the space.

The buyer

The PincusCo database currently indicates that Moses Rabinovits owned at least five commercial properties with 39 residential units in New York City with 33,258 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) The portfolio has $2.8 million in debt, borrowed from Toorak Capital Partners. Within the portfolio, the bulk, or 72 percent of the 33,258 square feet of built space are walkup properties, with mixed-use properties next occupying 27 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Brooklyn next at 34 percent of the space.

UPDATED: The post was updated to note the buyer is planning to redevelop the property, and the broker was added.

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