Malachite Group Buys Nine Rego Park Retail Properties for $66M
By Isabelle Durso January 6, 2026 1:18 pm
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Commercial investment, development and management firm Malachite Group has acquired a portfolio of nine commercial properties in Rego Park, Queens, for a total of $66 million, according to a source as well as city records made public this week.
Malachite Group, using the entity Rego Park Portfolio, purchased 95-60 63rd Drive, 95-40 Queens Boulevard, 95-38 Queens Boulevard, 63-73 Saunders Street, 96-42 Queens Boulevard, 94-18 63rd Drive, 95-05 63rd Drive, 95-02 63rd Drive and 95-14 63rd Drive from Imperial Sterling, which used the entities Rego Imperial and RP 121, records show.
Lawyer Jerrold Levy signed the deals for the seller, while Manny Malekan, who runs Malachite Group, signed for the buyer.
Meridian Capital Group’s Helen Hwang, Thomas Donovan, Brian Szczapa, Tommy Lin, Eugene Kim, Yasmin Kheradpey, Justin Axelrod and Ian Shoenfeld brokered the deal for the buyer.
The portfolio comprises nine one-story buildings and covers 90,000 square feet of retail space along three blocks of Queens Boulevard, according to marketing materials from buyer broker Meridian. The properties contain “a diverse mix of both national and local tenants,” and come with “a combined development potential of 465,000 square feet,” Meridian said in February.
There are currently 34 tenants within the portfolio, including Expo Furniture at 95-40 Queens Boulevard, insurance agency Dollar Bazaar at 96-42 Queens Boulevard, and health consultant Higi at 95-14 63rd Drive.
“This is a once-in-a-generation opportunity to control six corners within three blocks of a major retail hub,” Meridian’s Hwang said in February. “The flexibility to implement several different playbooks to maximize value is what makes this opportunity truly unique.”
A spokesperson for Malachite Group did not immediately respond to a request for comment, while a spokesperson for Imperial Sterling could not be reached for comment.
Imperial Sterling had owned the Rego Park buildings since at least 1991, property records show.
Malachite Group bought another string of three commercial buildings in Queens in 2017. The firm acquired 35-15 56th Street and 33-16 and 33-18 57th Street in Woodside for $9.6 million, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
