Zelig Weiss signs contract as buyer with Francmen Realty for likely dev site in Jamaica

Zelig Weiss through the entity 165 Residence LLC signed a contract as buyer with Francmen Realty as seller for the retail building (K1) at 89-49 164th Street in Jamaica, Queens. The expected use is ground up development. The price was not disclosed on the memorandum of contract.
The memorandum of contract was signed on on March 10, 2026 and was recorded on April 30, 2026. The property has 23,250 square feet of built space and 93,000 square feet of additional air rights for a total buildable of 116,250 square feet according to a PincusCo analysis of city data.
The signatory for Francmen Realty was Zelig Weiss.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Zelig Weiss had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Francmen Realty had not purchased any other properties and sold three properties in three transactions for a total of $13.5 million over the same time period. The 23,250-square-foot property generated revenue of $1.2 million or $53 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jamaica has 23,250 square feet of built space and 93,000 square feet of additional air rights for a total buildable of 116,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 122 feet and is 192 feet deep with a total lot size of 23,250 square feet. The lot is irregular. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.2 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $6.8 million commercial foreclosure concerning a loan filed on February 5, 2025, by Blackstone Group and Rialto Capital Advisors against Elliot Menashe, Ronald Menashe, and Isaac Franco. 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 had very little sales volume relative to other neighborhoods with $276.4 million in sales volume in the last two years. For development, Jamaica has 1.9 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3 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.

The block

On this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 84,988 square feet of the 268,368 square feet. The largest owner is Bldg Management, followed by Isaac Franco and then Wharton Properties.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 268,368 square feet of built space are retail buildings, with mixed-use buildings next occupying 3 percent of the space.

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