FBE Limited buys Queens development site for $51M

Developer plans mixed-use project for Jamaica

89-01 165th Street in Jamaica (Google Maps)
89-01 165th Street in Jamaica (Google Maps)

The Fruchthandlers are descending upon Jamaica for one of its next development projects.

FBE Limited acquired a development site along 165th Street and Merrick Boulevard in the Queens neighborhood for $51.5 million from 89th Jamaica Realty Company, according to property records filed Thursday. Yehoshua Leib Fruchthandler signed for FBE and Laurence Kramer signed for 89th Jamaica Realty Company.

The 110,000-square-foot site includes an assemblage of properties at 89-01 165th Street, 89-25 165th Street, 89-29 165th Street, 89-26 Merrick Boulevard, 89-39 165th Street, 90-06 Merrick Boulevard and 89-45 165th Street in Jamaica.

RIPCO's Kevin Schmitz (RIPCO Real Estate)

RIPCO’s Kevin Schmitz (RIPCO Real Estate)

FBE is planning to redevelop the 2.6-acres into a large mixed-use project, according to RIPCO Real Estate’s Stephen Preuss. The site has roughly 557,500 buildable square feet. A RIPCO team consisting of Preuss and Kevin Schmitz brokered the transaction on behalf of the seller.

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Stephen R. Preuss (RIPCO Real Estate)

RIPCO’s Stephen R. Preuss (RIPCO Real Estate)

FBE’s acquisition comes as the firm has been busy buying land for redevelopment projects. Last week, FBE closed on a 235,000-square-foot development site at 2124 Mill Avenue in Mill Basin for $40.5 million. It’s unclear what the firm has planned for the property.

FBE picked up 13 acres from the Cold Spring Country Club in Huntington, Long Island to build 120 luxury condos across a four-story, 340,000-square-foot building.

The Fruchthandler’s Lineage Properties sold in June two multifamily buildings spanning more than 500 units and 600,000 square feet at 2001 Story Avenue and 883 East 180th Street in the Bronx for $169 million.

The firm has also been busy over the last year acquiring multifamily properties across South Florida. FBE bought a 316-unit apartment community near Zoo Miami for $36 million in June. It picked up a 300-unit, six-building apartment complex in Hollywood for roughly $32 million last October. FBE acquired an 814-unit, 692,000-square-foot apartment complex in Lauderhill for $95 million in July 2021.

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