Z Capital Group pays $2.5M for two properties in Rockaway Beach

Z Capital Group through the entity Melo Z Phantom Cap LLC paid $2.5 million to Robert Falco through the entity Robert Victoria Incorporated for the eight-unit property (C7) at 2-22 Beach 97th Street in Rockaway Beach, Queens and an adjacent parcel (V0) on Beach 97th Street in Rockaway Beach, Queens.
The deal closed on March 20, 2026 and was recorded on April 28, 2026. The two properties have 6,240 square feet of built space and 12,552 square feet of additional air rights for a total buildable of 18,765 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $400 and the price per buildable square foot is $133 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 Robert Falco was Richard Edward Gresio. The signatory for Israel Babayev’s  Z Capital Group was Ariel Rabanipour. The contract date was November 24, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Z Capital Group purchased five properties in five transactions for a total of $5.4 million and has no record it sold any properties over the past 24 months.
The seller Robert Falco had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Falco, head officer and Christine Walker, site manager. The business entity is Robert Victoria.

The property

The property with 8 residential units in Rockaway Beach has 6,240 square feet of built space and 12,552 square feet of additional air rights for a total buildable of 18,765 square feet according to a PincusCo analysis of city data. The parcel has frontage of 109 feet and is 100 feet deep with a total lot size of 10,900 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $799,000.

Transaction Participants

Ariel Rabanipour participated in the transaction on behalf of the buyer Ariel Rabanipour .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 block

On the tax block, there were two new building construction projects totaling 17,339 square feet. The largest is a five-unit, 10,409 square-foot residential (R-2) building submitted by Scott Rosenthal with plans filed August 9, 2022 and it has not been permitted yet. The second largest is a 20-unit, 6,930 square-foot residential (R-2) building submitted by Rosenthal Scott with plans filed November 15, 2019 and it has not been permitted yet.

The majority, or 89 percent of the 88,559 square feet of built space are industrial buildings, with walkup buildings next occupying 9 percent of the space.

Direct link to Acris document. link