Zara Realty picks up Jamaica multifamily portfolio for $21.5M

Southeast Queens landlord adds 96 units to sizable portfolio

TRD New York /
Jun.June 15, 2016 12:30 PM

Major southeast Queens landlord Zara Realty bought a six-building, 96-unit multifamily portfolio in Jamaica for $21.5 million.

The family firm, which owns more than 2,000 units, bought the four-story walkups at 150-01 through 150-11 88th Avenue, which combined span an area of about 79,200 square feet. All 96 units are rent stabilized.

The seller was the Gowanus-based Lagadakia Realty Corp., headed by George Ntlis, Peter Dilis and Nick Haviaras. The sellers declined to comment, and a representative for Zara could not be immediately reached.

The buildings are in “fairly good shape, with some room for improvement, said Yosef Katz of GFI Realty, who represented Zara in the deal.

“The good part about these particular buildings are that the units are fairly large,” he said. “They’re going to be able to take them and add additional bedrooms, from one bedrooms to two bedrooms.”

Josh Orlander, also of GFI, represented the sellers.

Jamaica has lagged behind many outer-borough neighborhoods when it comes to gentrification, but rents are on the rise. In December the listings portal site StreetEasy pegged the neighborhood – which has an enviable abundance of transportation infrastructure – to emerge as the city’s hottest neighborhood.

Plans are already in the works for some game-changing projects, including a 240-key Hilton Garden Inn and a 584-unit rental project being helmed by Midtown-based BRP Development.

Zara’s buildings sit across the street from the former Mary Immaculate Hospital, which the Chetrit Group is planning to convert to 324 apartments.


Related Articles

arrow_forward_ios
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings

GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings

GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
GFI Capital CEO Allen Gross and the James Hotel at 22 East 29th Street (Google Maps)

GFI Capital takes majority stake in James Hotel in $110M deal

GFI Capital takes majority stake in James Hotel in $110M deal
144-06 88th Avenue in Queens and Attorney General Letitia James (Google Maps; James byErik McGregor/LightRocket via Getty Images)

Judge denies Zara Realty’s bid to dismiss AG lawsuit

Judge denies Zara Realty’s bid to dismiss AG lawsuit
GFI Capital CEO Allen Gross with the Beekman Hotel at 123 Nassau Street (top left), Ace Hotel at 20 West 29th Street in NYC (right) and Ace Hotel & Swim Club Palm Springs in California (bottom left) (Credit: Ace Hotels; GFI; Google Maps)

Allen Gross, owner of Ace and Beekman hotels, expecting $12M PPP loan

Allen Gross, owner of Ace and Beekman hotels, expecting $12M PPP loan
Zara Realty hit with suit from AG alleging tenant harassment, rent-stabilization violations

Zara Realty hit with suit from AG alleging tenant harassment, rent-stabilization violations

Zara Realty hit with suit from AG alleging tenant harassment, rent-stabilization violations
Bank OZK finances GFI, Elliott Management’s Parker New York buy

Bank OZK finances GFI, Elliott Management’s Parker New York buy

Bank OZK finances GFI, Elliott Management’s Parker New York buy
GFI, All Year admit errors on TASE docs, furthering anxiety about broader American bond crisis

GFI, All Year admit errors on TASE docs, furthering anxiety about broader American bond crisis

GFI, All Year admit errors on TASE docs, furthering anxiety about broader American bond crisis
GFP and Northwind have big plans and a tenant to match for FiDi office tower

GFP and Northwind have big plans and a tenant to match for FiDi office tower

GFP and Northwind have big plans and a tenant to match for FiDi office tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...