Queens Plumbing pays $10M for dev site in Sunnyside

UPDATED 10 a.m., July 22, 2025: Queens Plumbing Supply through the entity 4339 LLC paid $10 million to RW Real Estate Group and CurbCut Urban Partners through the entity Curbcut Queens Blvd LLC for the development site (O6) at 38-01 Queens Boulevard in Sunnyside, Queens. The expected use is owner-occupied|ground up development.
The deal closed on July 10, 2025 and was recorded on July 18, 2025. The property has 152,415 square feet of planned built space according to a PincusCo analysis of city data. The sale price per built square foot is $65 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 December 28, 2015, for $12.1 million. The signatory for RW Real Estate Group and CurbCut Urban Partners was Joseph Misk . The signatory for Queens Plumbing Supply was Steve Seungho Kim. The contract date was February 7, 2025. Rubin Isak, Lev Kimyagarov and Alex Isak of Development Site Advisors brokered the sale, Traded NY reported.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Queens Plumbing Supply had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RW Real Estate Group purchased four properties in four transactions for a total of $10.3 million and sold three properties in two transactions for a total of $8.9 million over the same time period.

The property

The planned building in Sunnyside if constructed would have 152,415 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 225 feet deep with a total lot size of 22,500 square feet. 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 $5.7 million. The most recent loan totaled $6.3 million and was provided by Provident Bank on June 25, 2024.

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 two DOB violations, $2,250 in ECB penalties, and $2,330 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 421387626, for a 139,029 square-foot B building. The project was submitted by Curbcut Urban Partners and filed by Benjamin Malinksy with plans filed October 14, 2016 and permitted June 3, 2019.

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 had very little sales volume relative to other neighborhoods with $145 million in sales volume in the last two years. For development, Sunnyside has had very little major development activity relative to other neighborhoods.It had 677,282 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

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 169,140 square feet of the 182,640 square feet. The two identified owners are Curbcut Urban Partners and Dennis & Co. Auto Group.
On the tax block, there were three new building construction projects totaling 345,271 square feet. The largest is a 139,029 square-foot business (B) building submitted by Curbcut Urban Partners and filed by Benjamin Malinksy with plans filed October 14, 2016 and permitted June 3, 2019. The second largest is a 103,121 square-foot 56 building submitted by Dennis & Co. Auto Group and filed by Brian Dennis with plans filed June 5, 2023 and permitted June 25, 2024.

The majority, or 83 percent of the 182,640 square feet of built space are office buildings, with industrial buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Rw Real Estate Group owned at least five commercial properties with 87 residential units in New York City with 25,720 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 25,720 square feet of built space are retail properties, with development properties next occupying 31 percent of the space. The bulk, or 51 percent of the built space, is in Bronx, with Brooklyn next at 49 percent of the space.
The PincusCo database currently indicates that Curbcut Urban Partners owned at least one commercial property in New York City with 152,415 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Queens.

Correction: A prior version of this post incorrectly reported that there was built space on this property, however it is a vacant lot.

Direct link to Acris document. link