Shragaei and Katz of GFI arrange sale of 88-15 168th St. for $27.8 million; Reps seller, Executive Arms Realty and buyer, Zara Realty

GFI Realty Services, Inc., one of the leading, New York-based commercial real estate services firms, arranged the sale of 88-15 168th St., a 191-unit apartment building in the Jamaica section of the borough. Zara Realty, a Jamaica-based owner/operator of apartment communities, purchased the property for $27.8 million. GFI Realty represented the buyer and the seller in the off-market transaction. Associate director Daniel Shragaei represented the seller, Executive Arms Realty, while senior director Yosef Katz procured the buyer. "As investors continue to get squeezed out of Manhattan and Brooklyn, we're seeing a burgeoning market in Queens," Shragaei said. "This deal is reflective of that trend." Katz said, "The buyer saw value in the long-term potential in the property, which is located in an emerging neighborhood, extremely close to public transportation, a block from the Queens Central Library and a short walk from Captain Tilly Park." Constructed in 1961, 88-15 168th St. is a nine-story elevator building that is situated off of the Grand Central Pkwy. and major thoroughfare Hillside Ave. It is two blocks from the 169th St. subway station, which services the F line and allows for connections to the E, M, R and 7 lines.