Premier Equities pays $27M to Riesenburger Properties for retail in Flushing

Premier Equities through the entity Premier 39-09 Main Street (DE), LLC paid $27 million to Riesenburger Properties for the retail building (K2) at 3909/3911 Main Street in Flushing, Queens. The expected use is cash flowing.

The purchase was financed with a $24.5 million loan provided by Citibank.
The deal closed on January 24, 2025 and was recorded on February 3, 2025. The property has 13,242 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,038 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 Riesenburger Properties was Regina Riesenburger. The contract date was February 1, 2023. PincusCo reported after it went into contract. Premier Equities is led by Uzi Ben Abraham and Yaron Jacobi.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Premier Equities purchased no properties and sold four properties in four transactions for a total of $71.5 million over the past 24 months.
The 13,242-square-foot property generated revenue of $1.3 million or $101 per square foot, according to the most recent income and expense figures.

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 4,650 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 2.8 times the average sales volume among other neighborhoods with $742.4 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Flushing has 1.8 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2 million 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 four of the 34 commercial properties representing 129,517 square feet of the 445,350 square feet. The largest owner is Pi Capital Partners, followed by Uikun Lee and then Premier Equities.
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.

The buyer

The PincusCo database currently indicates that Premier Equities owned at least nine commercial properties with 60 residential units in New York City with 103,866 square feet and a city-determined market value of $49.1 million. (Market value is typically about 50% of actual value.) The portfolio has $142.3 million in debt, with top three lenders as Signature Bank, Acadia Realty Trust, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 32 percent of the 103,866 square feet of built space are mixed-use properties, with walkup properties next occupying 22 percent of the space. The bulk, or 64 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

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