Pearl Realty Management pays $9.2M for office in Sunnyside

Pearl Realty Management through the entity 4203 35 St LLC paid $9.2 million to the local firm J.B. Industries Inc., led by Jan Berman, for the office building (O2) at 35-02 Skillman Avenue in Sunnyside, Queens. The expected use is cash flowing.
The deal closed on December 31, 2025 and was recorded on January 9, 2026. The property has 45,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $200 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 J.B. Industries was Jan David Berman . The signatory for Pearl Realty Management was Jack Guttman . The contract date was December 31, 2025. Jan David Berman is the owner of a Connecticut and Hewlett Harbor based company, J.B. Industries.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Pearl Realty Management purchased four properties in four transactions for a total of $103.8 million and sold 14 properties in eight transactions for a total of $392.1 million over the past 24 months.
The seller J.B. Industries had not purchased any other properties and had not sold any properties over the same time period. The 45,700-square-foot property generated revenue of $1.4 million or $32 per square foot, according to the most recent income and expense figures.

The property

The office building in Sunnyside has 45,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 217 feet and is 144 feet deep with a total lot size of 19,000 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.9 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 $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 25, 2012. 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 Sunnyside, The bulk, or 32 percent of the 15.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Sunnyside has near average sales volume among other neighborhoods with $271.6 million in sales volume in the last two years and is the 9th highest in Queens. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 578,476 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

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

The majority, or 87 percent of the 52,700 square feet of built space are office buildings, with industrial buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Pearl Realty Management owned at least 65 commercial properties with 10 residential units in New York City with 1,547,125 square feet and a city-determined market value of $212.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 47 percent of the 1,547,125 square feet of built space are industrial properties, with office properties next occupying 40 percent of the space. The bulk, or 51 percent of the built space, is in Brooklyn, with Queens next at 36 percent of the space.

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