Zhengfang Ding pays $5.5M to Elbogen, Getz for LIC retail

Zhengfang Ding through the entity Yonghui Star LLC paid $5.5 million to Israel Elbogen and Mordechai Getz through the entity 3312 36th Ave Realty LLC for the retail building (K2) at 33-12 36th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on May 13, 2025 and was recorded on June 4, 2025. The property has 7,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $760 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 August 4, 2016, for $3.7 million. The signatory for Israel Elbogen and Mordechai Getz was Israel Elbogen. The signatory for Zhengfang Ding was Zhengfang Ding. The contract date was March 12, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zhengfang Ding had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Israel Elbogen had not purchased any other properties and sold two properties in two transactions for a total of $11.5 million over the same time period. The 7,300-square-foot property generated revenue of $451,833 or $62 per square foot, according to the most recent income and expense figures.

The property

The retail building in Long Island City has 7,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 67 feet and is 100 feet deep with a total lot size of 6,800 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $3.9 million commercial foreclosure concerning a loan filed on February 14, 2025, by Blackstone Group and Rialto Capital Advisors against Transition Acquisitions and Mordechai Getz. In addition, according to city public data, the property has received $2,100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 16, 2013. 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 Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.7 times the average sales volume among other neighborhoods with $987.7 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 6th most active neighborhood among other neighborhoods. It had 6.2 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. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 18 commercial properties representing 19,835 square feet of the 150,479 square feet. The two identified owners are Greiner-Maltz Properties and New York Food Truck Association.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 150,479 square feet of built space are industrial buildings, with retail buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Mordechai Getz owned at least four commercial properties with 71 residential units in New York City with 145,344 square feet and a city-determined market value of $8 million. (Market value is typically about 50% of actual value.) The portfolio has $11.2 million in debt, borrowed from Santander Bank and Signature Bank. Within the portfolio, the bulk, or 49 percent of the 145,344 square feet of built space are office properties, with walkup properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 37 percent of the space.

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