A $39 million sale has been agreed upon for the Forest Hills Jewish Center at 106-06 Queens Blvd. in Forest Hills.
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The Forest Hills Jewish Center has reached an agreement to sell its property at 106-06 Queens Blvd. in Forest Hills for $39 million.
The property, which spans 67,780 square feet, is being purchased by the limited liability company 106QB Development, which is indirectly controlled by Rudolph Abramov and Iosif Abramov of RJ Capital Holdings and Uri Mermelstein, Iosif Yushuvayev, Alla Yushuvayeva, Mark Yushuvayev and Pinkhos Yushuvayev of Top Rock Holdings.
A sale at the same price had previously been agreed to with JU Forest Hills Development in 2021. However, after three down payments totaling $3.9 million were made in 2022, JU Forest Hills Development assigned its rights and obligations to 106QB Development.
The Forest Hills Jewish Center will be relocating to the Perennial, an upcoming affordable housing complex at 70-35 113th St. The Perennial, which will occupy the former site of the Parkway Hospital, is expected to feature 144 affordable housing units. The Forest Hills Jewish Center will be a tenant in the development’s community space, taking up 34,000 square feet.
As part of the agreed-upon deal, the Forest Hills Jewish Center will continue to operate at 106-06 Queens Blvd. until certain build-out work is completed at the Perennial. Construction of the complex began last September and is expected to wrap up by the end of 2027. One year after the new facility is finished, the deal will close for 106-06 Queens Blvd., according to records from the New York State Attorney General’s Office.
Net proceeds from the $39 million sale will go towards an endowment for current and future Forest Hills Jewish Center congregation members in an effort to sustain and improve the programming offered.
Under New York State law, religious corporations require approval from the court or attorney general to sell, mortgage or lease property for more than five years.
106QB Development’s future plans for 106-06 Queens Blvd. have not yet been finalized. RJ Capital Holdings lists a proposed mixed-use development there on its website, while Top Rock Holdings says on its website it is preparing to develop the property for retail and residential use.