Joel Gluck to flip LIC site to Shibber Khan for $40M

Criterion plans long-term hold on five parcels with 253K buildable sf

From left: 31-08 Northern Boulevard in Long Island City, Shibber Khan and Lubna Abbassi
From left: 31-08 Northern Boulevard in Long Island City, Shibber Khan and Lubna Abbassi

Investor Joel Gluck plans to flip a Long Island City development site with 253,000 buildable square feet to developer Shibber Khan’s Criterion Group in a $40 million deal, The Real Deal has learned.

The deal is slated to close by the end of this month, at which time Criterion would acquire a total of five parcels at 31-08 and 31-16 Northern Boulevard, according to sources familiar with the deal. Gluck entered contract on the parcels earlier this year for an undisclosed price.

The site includes several vacant lots and a two-story, 14,500-square-foot taxi garage occupied by cab company Wailing Management.

Steven Newman, a local investor affiliated with Howling Wolf Realty LLC, paid $3.6 million for the site in 2004.

Criterion is planning a long-term hold, sources said.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Venture Capital Properties’ Lubna Abbassi is the broker on the transaction.

Newman and Khan declined to comment, while Gluck and Abbassi could not be reached.

Gluck, a Williamsburg-based investor who runs Spencer Equity and Park Management Inc., is in the midst of a dispute with Toby Moskovits of Heritage Equity Partners on joint venture projects in Long Island City and Williamsburg, as TRD reported earlier today.

Late last year, Criterion sold a 214-unit apartment building in Astoria for $88 million and picked up a development site in the neighborhood for $57 million.