A $21.5 million purchase of six contiguous walk-up apartment buildings in the Jamaica section of Queens, New York has been executed by Zara Realty. The four-story buildings, located at 150-01 through 150-11 88th Avenue, total 79,200 square feet, and are comprised of 96 rent-stabilized apartments and eight storage units. The sale set a neighborhood record with a trading price of $224,000 per unit. GFI Realty Associate Director of Investment Sales Josh Orlander represented the seller, while GFI Managing Director of Investment Sales Yosef Katz represented the buyer, Zara Realty.
“Jamaica is seeing some exciting developments at the moment, and this sale is certainly a testament to the increasing desirability of this section of Queens,” said Yosef Katz, GFI Realty. “In addition to the location, there are several features of these buildings that the buyer was particularly interested in, particularly the size of the units, which can easily be converted to add additional bedrooms.”
