Izzy Lubart Acquires Retail Property On 162nd Street From Charles Santore For $4.35M

This is a two-story retail building located at 89-61 162nd Street in Jamaica. The property, which encompasses a total of 14,257 square feet, was sold for $4,350,000, resulting in a price per square foot of $305. It was delivered vacant at the closing, and the site is zoned R7X, allowing for an as-of-right buildable square footage of 51,600 square feet.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $4,350,000
• Buyer: Izzy Lubart
• Seller: Charles Santore
• Brokers: Scott Plasky & William Stephan - Marcus & Millichap
• Seller's Counsel: David R. Lachtman, Esq. - Lachtman Cohen & Belowich
• Date of Transaction: 02/26/2025

The transaction involved brokers Scott Plasky and William Stephan, who represented the seller, Charles Santore, while David R. Lachtman, Esq. from Lachtman Cohen & Belowich served as the seller's legal counsel. This collaboration facilitated the successful delivery of the vacant property at the closing.