Updated Jun 23, 2026
Adam Malul And Shalom Malul Acquire Development Site In Fresh Meadows For $3.88M
161-09 Union Turnpike
$3,880,000
$388/SF
Building Size
10,000 SF
Asset Type
Development Site
Closing
Mar 12, 2026
About this deal
AI
This development site located at 161-09 Union Turnpike in Fresh Meadows, Queens, was sold for $3,880,000. The property encompasses a total area of 10,000 square feet, resulting in a price per square foot of $388.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,880,000
- Address: 161-09 Union Turnpike
- Market: Fresh Meadows, Queens
- Buyer: Adam Malul & Shalom Malul
- Seller: First Lincoln Holdings
- Broker: Evan Schuckman - Ripco
The transaction was facilitated by broker Evan Schuckman, who represented the interests of the buyer in this closed transaction. Both Adam Malul and Shalom Malul acquired the site from seller First Lincoln Holdings.
Players
Fresh Meadows Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.09%
Cash-on-Cash
-1.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93