Palwinder Singh pays $3.6M for 36-unit dev site in Jamaica Estates

Palwinder Singh through the entity 177 Wexford Terrace LLC paid $3.6 million to Ridwan Kabir through the entity Panchgaon Realty LLC. for the development lot (V0) at 177-06 87th Drive in Jamaica Estates, Queens. The expected use is ground up development.

On the lot, there is a new building construction project, Q01049852, for a 36-unit, 27,878 square-foot R-2 building submitted by Ridwan Kabir and filed by Ridwan Kabir with plans filed May 13, 2024 and it has not been permitted yet.

The sale closed on August 13, 2025 and was recorded on August 28, 2025. The property has zero square feet of built space and 24,440 square feet of additional air rights for a total buildable of 24,440 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $147 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 June 26, 2023, for $2.4 million. The signatory for Ridwan Kabir was Ridwan Kabir. The signatory for Palwinder Singh was Palwinder Singh.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Palwinder Singh purchased one property in one transaction for a total of $3.4 million and has no record it sold any properties over the past 24 months.
The seller Ridwan Kabir purchased two properties in one transaction for a total of $4.4 million and had not sold any properties over the same time period.

The property

The parcel has frontage of 47 feet and is 130 feet deep with a total lot size of 6,110 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $827,000. Amerasia Bank on April 23, 2025 bought a loan with an original principal of from signed by Ridwan Kabir, secured by 177-06 87th Drive, when owned by Ridwan Kabir.

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 one DOB violation, $13,750 in ECB penalties, and $14,150 in OATH penalties in the last year.

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 $54.5 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 154,990 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the seven commercial properties representing 127,669 square feet of the 185,219 square feet. The largest owner is Noorollah Asherian, followed by Jay Weitzman and then Shokrollah Rehanian.
On the tax block, there were two new building construction projects totaling 52,885 square feet. The largest is a 36-unit, 27,878 square-foot residential (R-2) building submitted by Ridwan Kabir and filed by Ridwan Kabir with plans filed May 13, 2024 and it has not been permitted yet. The second largest is a 24-unit, 25,007 square-foot residential (R-2) building submitted by Mirza Rahman and filed by Mirza Rahman with plans filed March 28, 2019 and it has not been permitted yet.

The majority, or 69 percent of the 185,219 square feet of built space are elevator buildings, with retail buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Ridwan Kabir owned at least six commercial properties with 24 residential units in New York City with 16,548 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 16,548 square feet of built space are walkup properties, with industrial properties next occupying 11 percent of the space. They are all located in Queens.

Direct link to Acris document. link