Former Rego Park diner sells for $6.5M in cash deal
BY ROBERT POZARYCKI
Ten days before the Shalimar
Diner served its final
meal, three holding companies
closed on a multi-million
all-cash deal on the Rego
Park eatery and the adjacent
parking lot.
The previous owners, Alderton
Associates LLC, sold
the property located at 63-68
Austin St. for $6.55 million to
entities known as 63-38 Austin
LLC and RW Austin LLC.
According to Department of
Finance records, the deal became
official Nov. 15; the diner
itself — a fixture in the community
for more than 40 years
— closed for good Nov. 25 after
the owners reported that their
lease wouldn’t be renewed.
What the future holds for
the Shalimar Diner site remains
unknown, but the broker
who handled the transaction
— Rubin S. Isak, founding
partner of Goldenwood Property
Advisors — touted the
site’s development potential
in a Dec. 20 press release announcing
the transaction.
The 14,000 square foot site
The former Shalimar Diner at the corner of Austin Street and 63rd Drive in Rego Park has been sold
for $6.55 million. Photo courtesy of Rubin S. Isak
is located in an R4 residential
zone with a C2-2 commercial
overlay, which allows the
builder to develop a structure
up to twice the size of the lot
with a “community facility bonus”
included. There’s 140 feet
of frontage along busy 63rd
Drive and another 100 feet
of frontage on Austin Street
— a statistic particularly important
to anyone developing
commercial storefronts.
As of Dec. 20, however,
there were no job plans listed
for the site on the Department
of Buildings database.
Isak said that there was
no lack of interest among potential
buyers as soon as the
Shalimar Diner site hit the
market.
“Within the first 45 days
of exclusively being retained
by ownership, we received 38
written offers due to our targeted
marketing strategy,”
he said. “In accordance with
our strategy, multiple contracts
were simultaneously
sent out and the ultimate
buyer purchased the property
in a sit-down all-cash closing.
The investor, user and
developer response, coupled
with the strong sales price,
represents investor appetite
for commercial properties
in the Queens market.”
As for the buyers, the 63-
68 Austin LLC and RW Austin
LLC holding companies
were listed on Department
of Finance records as being
based at 102-10 Metropolitan
Ave., Suite 200 in Forest
Hills. A Google search of the
address revealed that the
suite is also the location of
First Class Management, a
real estate managing company
which notes on its website
that is has more than
60 shopping centers in the
Metro New York area.
TimesLedger reached out
to First Class Management to
find out about the connection
between the firm and the holding
companies, and for further
information about the transaction.
The firm has yet to respond.
David Koptiev, a partner
with Platinum Realty Associates
located at 102-06 Metropolitan
Ave., had his signature
on the deed on behalf of
the buyers; Koptiev has been
involved in numerous large
Queens real estate deal in recent
years, including the sale
of the Engineers Labor Council
building in Richmond Hill
and the development of a shopping
center in Ozone Park.
Koptiev declined comment
when reached by TimesLedger
Dec. 20.
PUBLIC NOTICE
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We Pay the Highest Price Cash in a Flash
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TIMESLEDGER,6 DEC. 28-JAN. 3, 2019 TIMESLEDGER.COM
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