The Real Deal New York

Zara Realty picks up Elmhurst rental building for $21M

51 of the 76 apartments at the property are rent-stabilized

September 13, 2016 12:12PM
By Miriam Hall

51-25 Van Kleeck Street in Queens

51-25 Van Kleeck Street in Queens

Just months after buying a six-building Jamaica portfolio, Zara Realty made another multifamily purchase in Queens — a 76-unit rental building in Elmhurst.

The southeast Queens landlord paid $21.1 million for the place at 51-25 Van Kleeck Street, according to property records filed with the city Tuesday. The building has six stories and spans 65,000 square feet. Out of the 76 apartments, 51 of the units are rent-stabilized, according to Reonomy.

A representative for Zara Realty TRData LogoTINY was not immediately available for comment.

The seller is Ved Kawatara of Grand Elm Associates, records show, and has owned the building for 32 years. The brokers were Amit Doshi and Shallini Mehra of Besen & Associates.

Zara is a family-run firm that owns more than 2,000 units in the city. In June, the company acquired 96 rent-stabilized apartments across six buildings for $21.5 million.