Nasir Iqbal pays $9M for retail in Jamaica Estates

Nasir Iqbal through the entity H And N 179 Properties LLC paid $9 million to Juan Rodriguez through the entity Capira Realty LLC for the retail building (K1) at 179-37 Hillside Avenue and retail building (K1) at 179-29 Hillside Avenue in Jamaica Estates, Queens.
The deal closed on May 27, 2025 and was recorded on June 10, 2025. The two properties have 9,600 square feet of built space and 38,400 square feet of additional air rights for a total buildable of 48,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $937 and the price per buildable square foot is $187 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 Juan Rodriguez was Victor Gallego. The signatory for Nasir Iqbal was Nasir Iqbal. The contract date was September 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nasir Iqbal had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Juan Rodriguez had not purchased any other properties and had not sold any properties over the same time period.

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 $130 in OATH penalties 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 Jamaica Estates, The majority, or 58 percent of the 2.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica Estates has the 27th highest sale turnover among other neighborhoods in Queens with $57.8 million in sales volume in the last two years. For development, Jamaica Estates has had very little major development activity relative to other neighborhoods.It had 51,185 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 179-37 Hillside Avenue, PincusCo has identified the owners of six of the nine commercial properties representing 240,880 square feet of the 321,721 square feet. The largest owner is Cammeby’s International Group, followed by Nasir Iqbal and then Josephine Valenza.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 321,721 square feet of built space are elevator buildings, with retail buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Juan Rodriguez owned at least three commercial properties with 40 residential units in New York City with 26,119 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 88 percent of the built space, is in Queens, with Manhattan next at 12 percent of the space.

The buyer

The PincusCo database currently indicates that Nasir Iqbal owned at least two commercial properties in New York City with 9,600 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $4.2 million in debt, borrowed from Emigrant Bank. Within the portfolio, all identified are retail properties. They are all located in Queens.

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