Zaber Rayan pays $4.3M to Benaim x Partners for 31-unit walkup in Richmond Hill

Zaber Rayan through the entity Richmond Hill 118 LLC paid $4.3 million to Benaim x Partners through the entity 118-16 Realty Corp. for the 31-unit residential walkup building (C1) at 118-16 91st Avenue in Richmond Hill, Queens. The expected use is cash flowing.
The deal closed on March 6, 2026 and was recorded on March 18, 2026. The property has 21,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $205 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 April 30, 2013, for $1.8 million. The signatory for Benaim x Partners was Eric Benaim . The signatory for Zaber Rayan was Zaber Rayan. The contract date was August 28, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Zaber Rayan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Benaim x Partners had not purchased any other properties and sold one property in one transaction for a total of $3.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Raphy Benaim, head officer and Eric Benaim, officer. The business entities are Am/Pm Property Management Inc and 118-16 Realty Corp. The 21,000-square-foot property generated revenue of $531,068 or $25 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 31 residential units in Richmond Hill has 21,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 93 feet deep with a total lot size of 6,989 square feet. The zoning is R4A which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.5 million. The property has 26 rent regulated units according to city tax records from 2024.

Transaction Participants

Usman Malik at AM Law Group LLP participated in the transaction on behalf of the buyer.

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 three housing violations and $100 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 block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 4,924 square feet of the 44,511 square feet. The largest owner is Petroleum Marketing Group, followed by Salim Mansoor and then LIRR.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 44,511 square feet of built space are walkup buildings, with mixed-use buildings next occupying 44 percent of the space.

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