Zara Realty Acquires Multifamily Elmhurst Property

(Newswire.net — January 29, 2017) Jamaica, New York — The rental property business is booming in New York’s Five Boroughs. Family-owned company, Zara Realty Holding Corporation, recently added a new building to its inventory, not long after acquiring another rental property just a few months earlier. The new property purchased by the firm is a rental building located in the Elmhurst section of Queens, New York. The building features 6 floors and encompasses 76 rental units in 65,000 square feet. Of the units, 51 are rent-stabilized, according to a real estate source. The southeast Queens real estate company paid $21.1 million for the building, which is located at 51-25 Van Kleeck Street in Elmhurst. “The new building is in a great location,” says George Subraj, the President of the affordable housing firm. “It offers convenient transportation options and a number of upscale amenities for residents.” The previous owner of the Elmhurst building had held the property for 32 years. 

 

To learn more about the property acquisition, visit https://therealdeal.com/2016/09/13/zara-realty-picks-up-elmhurst-rental-building-for-21m/.

The company had made a similar property purchase a few months earlier, this time in the Jamaica neighborhood of Queens. The building, a four-story development comprised of six buildings, was purchased for $21.5 million in August 2016. 96 units span over 79,000 square feet. The units in the August purchase were already rent-stabilized, according to sources. Both the Jamaica and Elmhurst properties are in good physical condition, but Zara plans to renovate many of the units in both buildings to give residents more for their money.

Jamaica and Elmhurst are both up-and-coming neighborhoods, according to real estate industry experts. Traditionally occupied by a significant immigrant population, these regions of Queens are experiencing explosive growth in both residential and commercial property developments. Zara Realty specializes in acquiring properties that are located near schools, shopping centers, and transportation hubs. Carefully evaluating each property before making a purchase, the realty firm has built a reputation on providing quality affordable housing in convenient locations. The company owns over 2000 rental units in the city. George Subraj and other family members involved in the operation of the firm are active in humanitarian efforts, including financing medical missions to the South American country Guyana. Mr. Subraj, along with Ken and Jay Subraj, were recipients of the Philanthropists of the Year award at an event hosted by the Star Network in September, 2016. The “Kings of Queens” event was held at the Terrace on the Park, and honored top Queens businesspeople. Along with other humanitarian works, The Subraj family donated a computer lab to the students of Richmond Hill High School in Queens. For more information on the family’s honors, visit http://qns.com/story/2016/09/23/top-businessmen-honored-kings-queens-star-network-event/.