The Malachite Group, led by Manouchehr Malekan , paid $52.9 million to Imperial Sterling for eight retail properties in Rego Park, Queens, in the second group of transactions totaling $66 million between the parties. The first transaction of the $66 million 96-44 Queens Boulevard, the retail building (K1) at 95-60 63rd Drive, and the retail building (K1) at 95-40 Queens Boulevard.
The three properties have 42,002 square feet of built space and 64,871 square feet of additional air rights for a total buildable of 106,873 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $580 and the price per buildable square foot is $228 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.) In the second, Malachite Group through the entity Rego Park Portfolio II LLC paid $16.1 million to Imperial Sterling through the entity Rp 121, LLC for the retail building (K1) at 95-05 63rd Drive and the retail building (K1) at 95-02 63rd Drive. The two properties have 20,000 square feet of built space and 28,600 square feet of additional air rights for a total buildable of 48,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $805 and the price per buildable square foot is $331 per the PincusCo analysis. In the third, Malachite Group through the entity Rego Park Portfolio II LLC paid $7.4 million to Imperial Sterling through the entity Rego Imperial, LLC for the retail building (K1) at 94-14 63rd Drive. The deal closed on December 17, 2025 and was recorded on January 5, 2026. The property has 9,500 square feet of built space and 14,800 square feet of additional air rights for a total buildable of 24,300 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $778 and the price per buildable square foot is $304 per the PincusCo analysis. In the fourth, Malachite Group through the entity Rego Park Portfolio III LLC paid $5 million to Imperial Sterling through the entity Rego Imperial, LLC for the office building (O5) at 95-38 Queens Boulevard and the retail building (K1) at 63-79 Saunders Street. The two properties have 8,080 square feet of built space and 11,360 square feet of additional air rights for a total buildable of 19,440 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $618 and the price per buildable square foot is $257 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 deals closed on December 17, 2025 and were recorded on January 5, 2026. The signatory for Imperial Sterling was Jerrold G. Levy . The signatory for Malachite Group was Manouchehr Malekan . The contract date was June 18, 2025.
Prior sales, articles and revenue
Prior to this transaction, PincusCo has records that the buyer Malachite Group purchased seven properties in six transactions for a total of $40.6 million and has no record it sold any properties over the past 24 months. The seller Imperial Sterling had not purchased any other properties and sold one property in one transaction for a total of $13.1 million over the same time period. The three properties with a total of 42,002 square feet of built space generated revenue of $2.2 million per year or $52 per square foot. The sale price per square foot was $581.
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 received $2,425 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 Rego Park, The majority, or 65 percent of the 10.6 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 13 percent of the space. In sales, Rego Park has had very little sales volume relative to other neighborhoods with $216.7 million in sales volume in the last two years. For development, Rego Park has had very little major development activity relative to other neighborhoods.It had 856,537 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On the tax block of 96-44 Queens Boulevard, PincusCo has identified the owners of four of the five commercial properties representing 50,262 square feet of the 78,162 square feet. The largest owner is Jerrold G. Levy, followed by Malachite Group and then South Street Securities. There are no active new building construction projects on this tax block. The majority, or 64 percent of the 78,162 square feet of built space are retail buildings, with mixed-use buildings next occupying 36 percent of the space.
The buyer
The PincusCo database currently indicates that Malachite Group owned at least seven commercial properties with 27 residential units in New York City with 94,708 square feet and a city-determined market value of $20.1 million. (Market value is typically about 50% of actual value.) The portfolio has $32.5 million in debt, with top three lenders as Flushing Bank, Citizens Bank, and Malachite Group respectively. Within the portfolio, the bulk, or 56 percent of the 94,708 square feet of built space are retail properties, with walkup properties next occupying 28 percent of the space. The bulk, or 77 percent of the built space, is in Queens, with Manhattan next at 23 percent of the space. Direct link to Acris document. link Direct link to Acris document. link Direct link to Acris document. link Direct link to Acris document. link