Oleg Pinkhasov pays $4.1M to Ho Lep Hui for retail in Jamaica Estates

Oleg Pinkhasov through the entity 182 UT LLC paid $4.1 million to Ho Lep Hui and Sun Key Hui through the entity Sun Key LLC for the retail building (K1) at 182-02 Union Turnpike in Jamaica Estates, Queens. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on April 9, 2026. The property has 7,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $532 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 Ho Lep Hui and Sun Key Hui was Ho Lep Hui. The signatory for Oleg Pinkhasov was Oleg Pinkhasov. The contract date was November 8, 2024.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Oleg Pinkhasov purchased one property in one transaction for a total of $1.5 million and has no record it sold any properties over the past 24 months.
The seller Ho Lep Hui had not purchased any other properties and had not sold any properties over the same time period. The 7,700-square-foot property generated revenue of $264,726 or $34 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jamaica Estates has 7,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 82 feet deep with a total lot size of 8,200 square feet. The zoning is R1-2 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 $1.1 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 received $3,705 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 $73.7 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 137,782 square feet of commercial and multi-family construction under development in the last two years, which represents 5 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 zero square feet of the 16,100 square feet. The identified owner is Consolidated Edison.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 16,100 square feet of built space are retail buildings, with mixed-use buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Oleg Pinkhasov owned at least two commercial properties with one residential unit in New York City with 7,510 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $11.8 million in debt, borrowed from Bank of America. Within the portfolio, the bulk, or 73 percent of the 7,510 square feet of built space are retail properties, with office properties next occupying 27 percent of the space. They are all located in Queens.

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