Jamaica Two-Building, 73-Unit Resi Portfolio Trades for $14M April 1, 2016

Commercial Observer | By Liam La Guerre

March 24, 2016

Zara Realty Holding Corp. has purchased two buildings in the Jamaica section of Queens for $14 million from Topaz Realty Management, Commercial Observer has learned.

The properties, located at 162-20 and 164-03 89th Avenue, are six-story, elevator apartment buildings with 73 combined units a block apart. All of the units are rent-stabilized.

Zara, a residential landlord based in Jamaica, owns many properties in the neighborhood, including 88-15 144 Street, 88-05 Merrick Boulevard, 166-05 88th Avenue and 90-10 149th Street, and is looking to acquire more, according to GFI Realty Services, which represented both the landlord and tenant in the deal.

 

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