Portfolio in Thriving Queens Neighborhood Presented Buyer with Long-Term Investment Opportunity
GFI Realty Services, LLC today announced the $21.5-million sale of six contiguous walk-up apartment buildings in the Jamaica section of Queens, New York. 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.
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, a local investor that owns thousands of apartment units in Jamaica. Zara, which views the apartments as a long-term investment, plans to upgrade the units.
Due in large part to the buildings’ proximity to mass transportation and schools, the $21.5-millon cost of acquisition equates to $224,000 per unit — a new record for this neighborhood.
“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 Katz. “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.”
According to a recent StreetEasy report, Jamaica is expected to see a surge of new demand among buyers and renters alike. Several large-scale development projects are currently in progress, including a 240-key Hilton Garden Inn, a 584-unit rental project and the conversion of the former Mary Immaculate Hospital to 324 apartments.
“Given that there are several signs the Jamaica neighborhood is on the rise, we were able to meet the seller’s expectations for this portfolio by securing a price that was among the highest for this area,” said Orlander.
About GFI Realty Services, LLC
An affiliate of GFI Capital Resources Group, Inc., GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions. For more information, visit GFIRealty.com.
