Vaja Group pays $9.9M to Estate of Rita Stark for dev site in Jamaica

Vaja Group through the entity Atlantic 94 Tower LLC paid $9.9 million to Estate of Rita Stark through the entity 147 94th Avenue, LLC for the development site, a parking lot (G7), at 147-16 94th Avenue in Jamaica, Queens. The expected use is ground up development.
The deal closed on June 23, 2025 and was recorded on June 26, 2025. The property has a total buildable of 100,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $99 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 Estate of Rita Stark was Bruce Sontag . The signatory for Vaja Group was Moses Freund . The contract date was June 23, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Vaja Group purchased 11 properties in eight transactions for a total of $41.3 million and has no record it sold any properties over the past 24 months.
The seller Estate of Rita Stark had not purchased any other properties and sold three properties in one transaction for a total of $4.4 million over the same time period.

The property

The parcel has frontage of 50 feet and is 200 feet deep with a total lot size of 10,000 square feet. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $279.2 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jamaica has 1.2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Queens. It had 1.4 million 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

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

The majority, or 95 percent of the 54,733 square feet of built space are industrial buildings, with development buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Vaja Group owned at least 21 commercial properties with 526 residential units in New York City with 191,884 square feet and a city-determined market value of $20.8 million. (Market value is typically about 50% of actual value.) The portfolio has $40.8 million in debt, borrowed from Northeast Community Bank and NorthEast Community Bank. Within the portfolio, the bulk, or 20 percent of the 191,884 square feet of built space are walkup properties, with industrial properties next occupying 18 percent of the space. The bulk, or 77 percent of the built space, is in Bronx, with Queens next at 23 percent of the space.

Direct link to Acris document. link