SYU Properties, Top Rock, RJ Capital plan condos, affordable rentals, at $31.7M Forest Hills site

By Adam Pincus

Developers SYU Properties, Top Rock Holdings and RJ Capital Holdings plan to build market rate condominiums, market rate rentals and affordable rentals at a large Forest Hills, Queens, parcel acquired yesterday for $31.7 million, according to a source familiar with the transaction.

The site at 70-35 113th Street composed of a hospital and vacant lot has about 440,000 square feet of development rights and is currently occupied by the approximately 100,000-square-foot, shuttered Parkway Hospital.

The seller of the parcel was Jasper Venture Group through the entity Auberge Grand Central, with Ilio Mavlyanov as the managing member, according to a prior loan document.

The principals of Top Rock Holdings are Joseph Yushuvayev and Uri Mermelstein. The principal of SYU Properties is Joseph Elishayev. The principals of RJ Capital Holdings are Rudy and Michael Abramov. The buyer entity is PWH GCP Land LLC.

About 280,000 square feet of the space will be for the condos, and about 160,000 square feet will be for the affordable and market rate rental units which will be developed in the former hospital building following a full gut renovation and vertical expansion.

The architect is Luigi Russo of SLCE. The project is expected to start next year.

Correction and updates: a prior version of this article had an incorrect total for buildable square feet overall and for the condo and rental portions of the project. The name of the seller company was added.