Top Rock Holdings Sells Queens Development Site to Medisys

Top Rock Holdings continues to roll in Queens.

Uri Mermelstein’s firm has sold its redevelopment of a Queens lot to Medisys Health Network for $10.5 million. It was the city’s only investment sale last week in the middle-market range, defined as between $10 and $40 million.

Located at 143-02 Jamaica Avenue, the four-story development contains office and medical space in which Medisys is expected to be the lone tenant. There is also a usable basement. It contains 21,000 square feet.

Medisys secured a $4.9 million mortgage from Maspeth Federal Savings and Loan to fund the purchase.

Top Rock acquired the property in 2018 for $1.5 million, taking out a $675,000 mortgage from Cross River Bank in the process. Previously, the property held a one-story building built in 1925.

Founded by Mermelstein and partner Joseph Yshuvayev, Top Rock has been active in Queens of late. The development page of its website lists four Queens projects.

In February, the firm bought 151-11 Sixth Road and 151-17 Cove Boulevard in the Whitestone section for $12.1 million. Whitestone Assemblage, as the development site is called, is 200,000 square feet.

In August of 2022, Top Rock and RJ Capital bought a Jewish center at 106-06 Queens Boulevard in Forest Hills as a tear-down. According to RJ Capital’s website, the companies plan a mixed-use development for the site.

Medisys Health Network has a long history in Jamaica. According to its website, the company got its start in 1891 out of a four-bedroom home in the Queens neighborhood. The network has a number of locations in the area, including three on Jamaica Avenue.

Michelle Abramov and Greg Batista of RIPCO Real Estate represented Top Rock, while CBRE represented the buyer.