Wildflower Ltd. pays $9.6M for parking lot in Jackson Heights

UPDATED, 5:30 p.m., June 18, 2025: Wildflower Ltd. through the entity WF LGAirport Nominee LLC paid $9.6 million to Barone Management and Huei Hsiang Wang through the entity LGA Ditmars Partners LLC for the industrial building (G7) at 22-29 90th Street in Jackson Heights, Queens. The expected use is cash flowing.
The deal closed on June 6, 2025 and was recorded on June 17, 2025. The property has zero square feet of built space and 12,754 square feet of additional air rights for a total buildable of 12,754 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $752 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 Wildflower Ltd. was Adam I. Gordon . The contract date was September 19, 2024.

The parcel is leased to Revel for an “Electric Vehicle Super Charging” station. According to a source, the proximity to La Guardia Airport drove the acquisition.

David Junik of Pinnacle Realty of New York brokered the sale. Traded NY reported on the sale previously.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Wildflower Ltd. purchased nine properties in two transactions for a total of $62.8 million and sold one property in one transaction for a total of $18 million over the past 24 months.

The property

The parcel has frontage of 106 feet and is 221 feet deep with a total lot size of 25,509 square feet. The lot is irregular. The zoning is R3-2 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 $1.9 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 received $10,000 in ECB penalties and $10,000 in OATH penalties 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 Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has had very little sales volume relative to other neighborhoods with $183.2 million in sales volume in the last two years. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 380,101 square feet of commercial and multi-family construction under development in the last two years, which represents 2 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 189,250 square feet of the 189,850 square feet. The identified owner is Ken Huang.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 189,850 square feet of built space are hotel buildings, with industrial buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Wildflower Ltd. owned at least 31 commercial properties in New York City with 740,153 square feet and a city-determined market value of $69.5 million. (Market value is typically about 50% of actual value.) The portfolio has $311.7 million in debt, with top three lenders as PIMCO, Ares Management, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 100 percent of the 740,153 square feet of built space are industrial properties, with G7 properties next occupying 0 percent of the space. The bulk, or 92 percent of the built space, is in Queens, with Bronx next at 8 percent of the space.

Correction: An earlier version of this post identified the wrong seller.

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