United Taxi Management pays $4.1M for LIC parcel the late Evgeny Freidman lost in foreclosure

United Taxi Management Group through the entity 4407 Vernon Blvd LLC paid $4.1 million through a judicial foreclosure through the entity Joseph Misk, Esq. for the parking lot (G2) at 44-07 Vernon Boulevard in Long Island City, Queens. The expected use is owner-occupied. The former owner who lost it in foreclosure was taxi mogul Evgeny Freidman.
The deal closed on February 7, 2025 and was recorded on February 19, 2025. The property has 1,875 square feet of built space and 19,292 square feet of additional air rights for a total buildable of 21,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,206 and the price per buildable square foot is $195 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 February 2, 2004, for $600,000. The signatory for Evgeny Freidman was Joseph Misk . The signatory for United Taxi Management Group was Savas Tsitiridis . The contract date was February 7, 2025. This is a foreclosure sale, Queens county 711422/2015. Joseph Misk was the referee. The former owner was the late Evgeny Freidman, a taxi mogul, who died in 2021.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer United Taxi Management Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Evgeny Freidman had not purchased any other properties and sold one property in one transaction for a total of $9.5 million over the same time period. The 1,875-square-foot property generated revenue of $63,581 or $34 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 1,875 square feet of built space and 19,292 square feet of additional air rights for a total buildable of 21,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 131 feet and is 136 feet deep with a total lot size of 10,600 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $459,000.

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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 4,475 square feet of built space are mixed-use buildings, with industrial buildings next occupying 42 percent of the space.

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