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.
“The buyer already owns thousands of units in the area and he recognizes the strength of the market,” GFI Realty’s Yosef Katz, who represented Zara in the deal, said in a prepared statement. “He’s extremely familiar with Jamaica and plans to make a long-term investment in the neighborhood.”
Investors have been bullish on Jamaica lately, believing the neighborhood could become a shopping and hospitality destination thanks to lower land prices and its transit options as CO previously reported.
A spokeswoman for GFI Realty said Zara is planning to renovate the apartment buildings and hold onto the structures long term. Topaz Realty, a Manhattan-based landlord and property manager, purchased the buildings nearly three years ago for a combined $9.8 million in July 2013, according to property records.
“Since this was the seller’s only property in Queens, he decided to capitalize on the great offer that the buyer presented,” Daniel Shragaei, who handled the deal for Topaz Realty, said.