Zoya Shimanova pays $3.8M for mixed-use in Jamaica Hills

Zoya Shimanova through the entity 168-47 Hillside LLC paid $3.8 million to Kum Hwie Cho through the entity Hill Plaza LLC for the mixed-use building (K2) at 168-47 Hillside Avenue in Jamaica Hills, Queens. The expected use is cash flowing.
The deal closed on October 21, 2025 and was recorded on November 5, 2025. The property has 3,440 square feet of built space and 2,672 square feet of additional air rights for a total buildable of 6,120 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,104 and the price per buildable square foot is $620 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 December 6, 2004, for $1.3 million. The signatory for Kum Hwie Cho was Kum Hwie Cho. The signatory for Zoya Shimanova was Zoya Shimanova. The contract date was May 23, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Zoya Shimanova had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kum Hwie Cho had not purchased any other properties and had not sold any properties over the same time period. The 3,440-square-foot property generated revenue of $243,552 or $71 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Jamaica Hills has 3,440 square feet of built space and 2,672 square feet of additional air rights for a total buildable of 6,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 102 feet deep with a total lot size of 2,040 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.2 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 $1,100 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 neighborhood

In Jamaica Hills, The bulk, or 50 percent of the 2.1 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 30 percent of the space. In sales, Jamaica Hills has the 40th highest sale turnover among other neighborhoods in Queens with $22 million in sales volume in the last two years. For development, Jamaica Hills has had very little major development activity relative to other neighborhoods.It had 9,618 square feet of commercial and multi-family construction under development in the last two years, which represents 0.46 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 17 commercial properties representing 2,256 square feet of the 59,935 square feet. The identified owner is Ved Parkash.
On the tax block, there was one new building construction project filed totaling 8,322 square feet. It is a two-unit, 8,322 square-foot 56 building submitted by Ahmad Aslam and filed by Ahmad Aslam with plans filed March 28, 2024 and it has not been permitted yet.

The majority, or 76 percent of the 59,935 square feet of built space are mixed-use buildings, with office buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Kum Hwie Cho owned at least two commercial properties with six residential units in New York City with 7,169 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 55 percent of the 7,169 square feet of built space are mixed-use properties, with C0 properties next occupying 45 percent of the space. They are all located in Brooklyn.

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