Rodshel Pinkhasov pays $5.5M for retail in Fresh Meadows

Rodshel Pinkhasov through the entity Union Turnpike Holdings LLC paid $5.5 million to Jacob Kriger through the entity 300 Straight Street, Inc. for the retail building (K1) at 189-03 Union Turnpike in Fresh Meadows, Queens. The expected use is cash flowing.
The parcel spans the entire 200-foot frontage on Union Turnpike from 189th Street to 190th Street.
The deal closed on September 5, 2024 and was recorded on September 20, 2024. The property has 11,289 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $487 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 Jacob Kriger was Jacob Kriger. The signatory for Rodshel Pinkhasov was Rodshel Pinkhasov. The contract date was June 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Rodshel Pinkhasov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jacob Kriger had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Fresh Meadows has 11,289 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 85 feet deep with a total lot size of 17,000 square feet. The zoning is R2A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 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 not received any significant violations 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 Fresh Meadows, The bulk, or 45 percent of the 4.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Fresh Meadows has the 50th highest sale turnover among other neighborhoods in Queens with $10.1 million in sales volume in the last two years. For development, Fresh Meadows has had very little major development activity relative to other neighborhoods.It had 159,097 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

All properties are retail.

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