Platinum Realty Associates pays $4.9M for retail in Briarwood

The Koptiev family’s Platinum Realty Associates paid $4.9 million for two adjacent retail buildings in Briarwood, Queens, in two transactions.

In the larger, Platinum Realty Associates through the entity 138-55 QB LLC paid $3.27 million for the retail building (K1) at 138-69 Queens Boulevard in Briarwood, Queens. The expected use is cash flowing.
The deal closed on August 20, 2025 and was recorded on September 18, 2025. The property has 3,625 square feet of built space and 3,625 square feet of additional air rights for a total buildable of 7,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $901 and the price per buildable square foot is $450 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.)

In the second, Platinum Realty Associates through the entity 138-55 Qb LLC paid $1.63 million to Daniel Siwek and George Kajdacsi through the entity Daniel Siwek, As Trustee for the retail building (K1) at 138-59 Queens Boulevard in Briarwood, Queens. The expected use is cash flowing.
The deal closed on August 20, 2025 and was recorded on September 18, 2025. The property has 2,900 square feet of built space and 2,900 square feet of additional air rights for a total buildable of 5,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $563 and the price per buildable square foot is $281 per the PincusCo analysis.

The signatory for Henry Chmielnicki and Rafi Siwek was Henry Chmielnicki and Rafi Siwek. The signatory for Platinum Realty Associates was David Koptiev and Peter Young . The contract date was May 15, 2025.

Platinum Realty Associates financed the purchase with a $2.85 million loan from Customers Bank .

The sale was brokered by Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Platinum Realty Associates purchased 13 properties in 10 transactions for a total of $46 million and sold two properties in one transaction for a total of $4 million over the past 24 months.
The seller Henry Chmielnicki had not purchased any other properties and had not sold any properties over the same time period. The 3,625-square-foot property generated revenue of $199,276 or $55 per square foot, according to the most recent income and expense figures.

The property

The retail building in Briarwood has 3,625 square feet of built space and 3,625 square feet of additional air rights for a total buildable of 7,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 116 feet and is 31 feet deep with a total lot size of 3,625 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $805,000.

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 $1,050 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 Briarwood, The majority, or 66 percent of the 5.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Briarwood has the 36th highest sale turnover among other neighborhoods in Queens with $25.8 million in sales volume in the last two years. For development, Briarwood has had very little major development activity relative to other neighborhoods.It had 64,960 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 6,525 square feet of the 13,525 square feet. The identified owner is Platinum Realty Associates.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 13,525 square feet of built space are retail buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Platinum Realty Associates owned at least 91 commercial properties with 60 residential units in New York City with 538,473 square feet and a city-determined market value of $118 million. (Market value is typically about 50% of actual value.) The portfolio has $60.8 million in debt, with top three lenders as Signature Bank, First National Bank of Long Island, and Customers Bank respectively. Within the portfolio, the bulk, or 68 percent of the 538,473 square feet of built space are retail properties, with mixed-use properties next occupying 25 percent of the space. The bulk, or 59 percent of the built space, is in Queens, with Brooklyn next at 34 percent of the space.

Direct link to Acris document. 138-69 Queens Boulevard link
Direct link to Acris document. 138-59 Queens Boulevard link