Zara Realty picks up Jamaica multifamily portfolio for $21.5M June 15, 2016

The Real Deal | June 15, 2016

By Rich Bockmann

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 42,500 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 siteStreetEasy 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.

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