Nonprofit pays $5.5M for retail in Cambria Heights

The nonprofit EIHAB Human Services through the entity EIHAB Human Services, Inc. paid $5.5 million to Panagiotis Zenetos through the entity Panic4 LLC for the retail building (K1) at 224-11 Linden Boulevard in Cambria Heights, Queens. The expected use is owner-occupied.
The deal closed on November 20, 2025 and was recorded on December 4, 2025. The property has 9,534 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $576 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 seller bought the property on March 28, 2018, for $3.5 million. The signatory for Panagiotis Zenetos was Panagiotis Zenetos. The signatory for EIHAB Human Services was Hamdy Helmy Elgindy and Joshua Thomas . The contract date was October 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer EIHAB Human Services had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Panagiotis Zenetos had not purchased any other properties and had not sold any properties over the same time period. The 9,534-square-foot property generated revenue of $349,993 or $37 per square foot, according to the most recent income and expense figures.

The property

The retail building in Cambria Heights has 9,534 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 104 feet deep with a total lot size of 10,400 square feet. 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 $1.4 million.

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

For the tax lot building, it received its initial certificate of occupancy on April 18, 2016. 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 Cambria Heights, The bulk, or 43 percent of the 710,922 square feet of commercial built space are specialty buildings, with retail buildings next occupying 25 percent of the space. In sales, Cambria Heights has the 49th highest sale turnover among other neighborhoods in Queens with $9.7 million in sales volume in the last two years. For development, Cambria Heights has had very little major development activity relative to other neighborhoods.It had 19,200 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are retail.

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