Jamaica-based Zara Realty Holding Corporation, has picked up a rent-stabilized apartment portfolio in the Jamaica section of Queens, New York for $14 million from Topaz Realty Management. The new portfolio consists of 146 apartments and 12 retail spaces. The buyer, who owns several other Jamaica apartment buildings, will make substantial upgrades to the properties. GFI Realty Services acted for both sides in the deal. “The buyer, who is an extremely active investor in Jamaica, immediately recognized the opportunity to make a long-term investment on 89th Avenue,” said Yosef Katz, GFI Realty Services. “As this area is primed for growth, the buyer will likely realize a significant return on this strategic investment.”
