REDA Group pays $9.4M to Minskoff Grant Realty & Management for retail in Rego Park

REDA Group through the entity Crown Rego LLC paid $9.4 million to Minskoff Grant Realty & Management through the entity Fields 97 LLC for the mixed-use building (K1) at 97-04 63rd Road in Rego Park, Queens.
The deal closed on March 20, 2026 and was recorded on March 26, 2026. The property has 14,100 square feet of built space and 24,757 square feet of additional air rights for a total buildable of 38,889 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $666 and the price per buildable square foot is $241 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 Minskoff Grant Realty & Management was Jean Minskoff Grant . The signatory for REDA Group was Osher Niyazov . The contract date was January 14, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer REDA Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Minskoff Grant Realty & Management had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Rego Park has 14,100 square feet of built space and 24,757 square feet of additional air rights for a total buildable of 38,889 square feet according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 130 feet deep with a total lot size of 11,305 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.8 million.

Transaction Participants

Jordan Klas  participated in the transaction on behalf of the buyer .

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 $445 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 Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $275.6 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 817,637 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 21,267 square feet of the 45,893 square feet. The two identified owners are Minskoff Grant Realty & Management and Stella Ilyayeva.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 45,893 square feet of built space are retail buildings, with mixed-use buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Minskoff Grant Realty & Management owned at least three commercial properties in New York City with 53,950 square feet and a city-determined market value of $14.2 million. (Market value is typically about 50% of actual value.) The portfolio has $15.3 million in debt, borrowed from Flushing Bank. Within the portfolio, the bulk, or 68 percent of the 53,950 square feet of built space are mixed-use properties, with retail properties next occupying 32 percent of the space. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Reda Group owned at least two commercial properties in New York City with 42,887 square feet and a city-determined market value of $9.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are hotel properties. The bulk, or 52 percent of the built space, is in Bronx, with Brooklyn next at 48 percent of the space.

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