Zara Realty Acquires Multifamily Portfolio in Jamaica

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( — August 9, 2016) Jamaica, New York — Zara Realty, a major housing provider in southeast Queens, acquired a six-building multifamily portfolio in Jamaica for $21.5 million. Located at 150-01 through 150-11 88th Avenue, the four-story buildings boast a total of 96 units and have a combined area of around 79,200. All units are already rent stabilized.

Zara Realty is a family firm that owns over 2,000 units. Headed by President George Subraj, the firm offers quality housing in Queens and Long Island. Their team of professional staff is composed of Subraj family members who are all dedicated to provide customer satisfaction. The team focuses on providing exceptional customer service and offers safe, comfortable and clean homes.

The seller of the multifamily portfolio was Lagadakia Realty Corp., a firm based in Gowanus. The firm is headed by George Ntlis, Nick Havarias and Peter Dilis, but none of them commented on the matter. A Zara representative could not be reached either.

According to Yosef Katz of GFI Realty, the firm that represented Zara Realty in the realty, all six buildings are in “fairly good shape, with some room for improvement”. “The good part about these particular buildings are that the units are fairly large,” says Yosef. “They’re going to be able to take them and add additional bedrooms, from one bedrooms to two bedrooms.” Josh Orlander, another agent of GFI Realty, represented Lagadakia Realty Corp.

The neighborhood of Jamaica, which is primarily composed of immigrants, has been pegged as one of NYC’s hot spots for residential and commercial real estate development. Although other neighborhoods like Tribeca and Bushwick remain to be popular, Jamaica is rapidly climbing to the top.

Many real estate professionals have stated that Jamaica is a neighborhood primed for growth. In recent years, its population has grown approximately three times as fast as NYC’s rate. The median home prices in Jamaica also jumped 39% in 2015, compared to a 6% jump for the entire city of NYC. The low prices, as well as easy access to Manhattan, are contributing to Jamaica’s steady rise in popularity. It is also located to the north of the JFK Airport, providing both locals and visitors an easy commute into the city.

While Jamaica may seem to offer little at first, there are actually plenty of chain stores and bureaucratic buildings that can be found in the area. Jamaica offers a unique culinary experience, and the neighborhood is rich with mom-and-pop stores that sell a wide variety of items.

Zara Realty have been acquiring properties that are close to schools and shopping centers, giving them a strong advantage over their competitors. Some of their buildings are located across the street from the former Mary Immaculate Hospital, which may be converted to 324 apartments by the Chetrit Group.

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About Zara Luxury Apartments

Zara Realty is a major housing provider in Queens, NY. A family firm, Zara provides safe, comfortable and clean housing at affordable prices. It is headed by President George Subraj, who works with other Subraj family members to oversee the business’ daily operations. The firm’s rental apartments are located close to schools and shopping centers, as well as to public transportation.

Zara Luxury Apartments

166-07 Hillside Ave
Jamaica, New York 11432
United States
(718) 291-3331