Premier Equities in contract to buy Main Street retail in Flushing

Premier Equities, led by Uzi Ben Abraham and Yaron Jacobi, through the entity Premier 39-09 Main Street, LLC signed a contract as buyer with Riesenburger Properties as seller to purchase the retail building (K2) at 39-09 to 39-11 Main Street in Flushing, Queens. The expected use is cash flowing. The price was not disclosed in the document filed with the city.
The memorandum of contract was signed on July 24, 2024 and was recorded on August 8, 2024. The property has 13,242 square feet of built space according to a PincusCo analysis of city data.
The signatory for Riesenburger Properties was Regina Riesenburger. The signatory for Premier Equities was an attorney, Mark D. Mermel. The contract date was February 1, 2023. The closing date, according to the memorandum of contract, is 45 days after, “either seller or purchaser gives notice to the other [that] the current occupant of the premises has vacated the premises.”

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Premier Equities purchased one property in one transaction for a total of $27 million and sold three properties in three transactions for a total of $69.3 million over the past 24 months.
The seller Riesenburger Properties had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Flushing has 13,242 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 46 feet and is 100 feet deep with a total lot size of 4,649 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $8.5 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 $725 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 15, 2019. 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 3.1 times the average sales volume among other neighborhoods with $804.4 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 2.2 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.3 million 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 three of the 34 commercial properties representing 116,275 square feet of the 445,350 square feet. The largest owner is Pi Capital Partners, followed by Uikun Lee and then Wharton Properties.
On the tax block, there were two new building construction projects totaling 6,358 square feet. The largest is a 3,786 square-foot mercantile (M) building submitted by Minsun Kim with plans filed June 27, 2014 and permitted July 13, 2015. The second largest is a 2,572 square-foot mercantile (M) building submitted by Pik Wan Cheng with plans filed March 27, 2020 and permitted September 13, 2021.

The majority, or 45 percent of the 445,350 square feet of built space are retail buildings, with office buildings next occupying 38 percent of the space.

Direct link to Acris document. link