IS JAMAICA NYC’S NEXT HOT MARKET? July 27, 2016

Bisnow | July 8th, 2016

By Benjamin Mazzara

GFI Realty Services completed a $21.5M sale of six, four-story apartment buildings in Jamaica. Located on 150-01 to 150-11 88th Ave, the properties total 79k SF across 96 rent-stabilized apartments and eight storage units. At $224 SF/unit, the deal not only set a record for the Queens neighborhood, but it’s raising a lot of eyebrows. GFI managing director of investment sales Yosef Katz, who repped the buyer, Zara Realty, says there were multiple factors at play.  Located in the heart of Jamaica, the properties are not only close to mass transportation (including the LIRR and the subway) and schools, but unit sizes are large enough to add additional bedrooms. Zara—who owns thousands of units throughout the neighborhood and views the properties as a long-term investment—plans to do just that. Yosef says these factors aren’t limited to these six buildings; that expansive potential and transportation access applies to countless Jamaica properties. “We have the main hub of the train station and direct access to JFK,” Yosef tells Bisnow. “This sale is certainly a testament to the increasing desirability of this section of Queens.”

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