Retailer Steven Sasson pays $23.4M to Crown for retail it occupies in Jackson Heights

Steven Sasson, who owns local discount retailer ABC Superstore, through the entity 3780 Junction Owner LLC paid $23.4 million to Crown Acquisitions through the entity HC Junction LLC for the retail building (K2) at 38-02 Junction Boulevard in Jackson Heights, Queens. The expected use is owner-occupied. Steven Sasson’s store already occupies the property as a tenant.
The deal closed on April 25, 2025 and was recorded on April 28, 2025. The property has 21,856 square feet of built space and 17,206 square feet of additional air rights for a total buildable of 39,105 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,070 and the price per buildable square foot is $598 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 October 12, 2011, for $9 million. The signatory for Crown Acquisitions was Richard Chera, Haim Chera , and Isaac Chera. The signatory for Steven Sasson was Steven Sasson. The contract date was October 8, 2024. Sasson owns ABC Superstore, and also owns several of the retailer’s locations, including 427 Fulton Street and 1180 Liberty Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Steven Sasson had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Crown Acquisitions purchased two properties in two transactions for a total of $30.7 million and sold seven properties in four transactions for a total of $76.2 million over the same time period. The 21,856-square-foot property generated revenue of $1.6 million or $73 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jackson Heights has 21,856 square feet of built space and 17,206 square feet of additional air rights for a total buildable of 39,105 square feet according to a PincusCo analysis of city data. The parcel has frontage of 38 feet and is 196 feet deep with a total lot size of 13,035 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.9 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 $550 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 Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $192.7 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 370,384 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 26 commercial properties representing 97,240 square feet of the 154,077 square feet. The largest owner is Jenel Management, followed by Steven Sasson and then BLDG Management.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 154,077 square feet of built space are retail buildings, with mixed-use buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Crown Acquisitions owned at least five commercial properties with 107 residential units in New York City with 608,432 square feet and a city-determined market value of $555.1 million. (Market value is typically about 50% of actual value.) The portfolio has $11.5 million in debt, borrowed from East West Bank. Within the portfolio, the bulk, or 74 percent of the 608,432 square feet of built space are office properties, with D4 properties next occupying 24 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

The buyer

The PincusCo database currently indicates that Steven Sasson owned at least three commercial properties in New York City.

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