RJ Capital, Top Rock, in revised contract to buy Forest Hill Jewish Center for $39M

RJ Capital Holdings and Top Rock Holdings, through the entity 106QB Development LLC, are in contract to pay $39 million to the Forest Hills Jewish Center for its property at 106-06 Queens Boulevard, Forest Hills, Queens, a document dated April 6, 2026, memorializing the New York State Attorney General approval of the transaction shows. The sale has been in the works for at least four years. The closing date was not expressly given.
In addition to the sale, the document notes that the Forest Hills Jewish Center will obtain an $18 million credit line loan to fund its move to another location.

The New York State Attorney General approves transactions involving the sale or mortgaging of religious property as part of its oversight of the charitable organizations’ assets and the interests of their members.

The newly released Attorney General documents reveal a change in the buyer LLC. The original 2022 contract approved by the Attorney General listed the buyer as JU Forest Hills Development LLC, which was also affiliated with RJ Capital Holdings and Top Rock Holdings, but it has assigned its rights to the new entity, 106QB Development LLC.
According to the new Attorney General filing, this new buying entity is controlled indirectly by Rudolph Abramov and Iosif Abramov of RJ Capital Holdings, with equity interests held by Top Rock Holdings’ Uri Mermelstein, Iosif Yushuvayev, Alla Yushuvayeva, Mark Yushuvayev, and Pinkhos Yushuvayev.

The $39 million sale price remains consistent with the original September 2021 agreement. Under the amended terms, the transaction involves a complex buy-back and relocation component where the purchaser will provide a $10 million credit against the sale price once the Forest Hills Jewish Center receives title to a new condominium unit known as The Perennial at Parkway Condominium, located at 70-35 113th Street.
This facility, identified as Block 2248, Lot 1001, will serve as the FHJC’s permanent new home. To allow for the fit-out of the new space, the closing on the Queens Boulevard property is scheduled for 12 months after the new facility is delivered to the FHJC, though the FHJC maintains rights to accelerate this closing with “time is of the essence” provisions now in place.To bridge the gap between building out their new space and receiving the final sale proceeds, the FHJC is taking on significant debt.

Valley National Bank has committed to an $18 million non-revolving credit line, plus a $50,000 credit card for working capital. This 18-month loan is secured by a mortgage on the current Queens Boulevard property and carries a variable interest rate of 2.7% plus the greater of SOFR or 1.0%, with a 3.7% floor.

The sale involves approximately $780,000 in closing costs, including a $526,500 broker commission to B6 Real Estate Advisors and $253,500 in state transfer taxes. The loan itself carries approximately $195,000 in costs, including a $72,000 origination fee.Upon completion, the FHJC expects to walk away with substantial liquid assets. After paying off the loan and covering all transaction expenses, the religious corporation anticipates investing at least $5,000,000 into a new endowment. This fund is intended to sustain programming and services for the congregation in their new Parkway Condominium home. The Attorney General’s approval requires the FHJC to provide annual status updates until the sale and loan are finalized or abandoned. For the developers, the acquisition of Block 3237, Lot 40 provides a 2026 entry into one of Forest Hills’ most prominent development sites, as the deal is “as is” including any environmental conditions.

The property

The property in Forest Hills has 67,780 square feet of built space and 112,750 square feet of additional air rights for a total buildable of 180,690 square feet according to a PincusCo analysis of city data. The parcel has frontage of 141 feet and is 282 feet deep with a total lot size of 36,138 square feet. The lot is irregular. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $22.2 million.

Prior sales, articles and revenue

This property was sold by Forest Hill Jewish Center for 0.0 to Top Rock Holdings on July 29, 2022.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Forest Hills, The majority, or 61 percent of the 14.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 12 percent of the space. In sales, Forest Hills has near average sales volume among other neighborhoods with $151.8 million in sales volume in the last two years and is the 19th highest in Queens. For development, Forest Hills has near average amount of major developments among other neighborhoods and is the 13th highest in Queens. It had 739,625 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 one of the two commercial properties representing 22,568 square feet of the 33,408 square feet. The identified owner is A&H Acquisitions. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Top Rock Holdings owned at least 10 commercial properties with nine residential units in New York City with 216,459 square feet and a city-determined market value of $53.8 million. (Market value is typically about 50% of actual value.) The portfolio has $37.5 million in debt, with top three lenders as S3 Capital, Golden Bridge Funding, and Lightstone Group respectively. Within the portfolio, the bulk, or 33 percent of the 216,459 square feet of built space are specialty properties, with M1 properties next occupying 31 percent of the space. The bulk, or 96 percent of the built space, is in Queens, with Brooklyn next at 4 percent of the space.

The surrounding

Within a 400-foot radius of 105-02 69 Road, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which A&H Acquisitions borrowed $22.5 million from Flushing Bank secured by the 19,500-square-foot, two-unit mixed-use building (K2) on 69-37 Austin Street and one other property on January 12, 2026.

Direct link to the property’s ACRIS page and link to DOB NOW portal.