The prospects of the Queens neighborhood, Jamaica, continue to grow. Another multi-million dollar transaction has taken place in the area, this time orchestrated by Zara Realty. This firm is very important and well-known in the southeast side of Queens, and their most recent purchase was two buildings based in Jamaica. The price tag? A little less than $20 million.
These two towers have six stories each and are apartment buildings that include elevators. They are addressed at 88-22 Parsons Boulevard and 89-21 153rd Street. The former owner and seller in this opportunity is Vincent Ragosta, who owned the buildings since 2014. In that opportunity, he had spent $10.25 million, according to property records.
When put together, the towers sum up 82 units, all of which are rent-stabilized. Furthermore, the buildings also include one commercial unit. In average, each unit cost Zara Realty $253,000. According to a Zara Realty representative, the firm will update their purchase while holding onto them for the long term. They have no plans to sell once the renovations are done and hope their grandchildren get to own the buildings too.
This comes as no surprise, really, since Zara Realty has established itself as a major player in the southeast Queens league. In the last few years, Zara acquired a six building portfolio in Jamaica that cost $21.5 million and a tower with 76 rental units in Elmhurst for over $21 million.
Nevertheless, it is not all good news for the company. A recent lawsuit accused the company of asking tenants about their visas while also promoting a federal immigration tip line. [The Real Deal]