Katz and Shragaei of GFI Realty Services arranges $14 million sale of Jamaica, Queens apartment portfolio

Yosef Katz, GFI Realty Services, LLC

Daniel Shragaei, GFI Realty Services, LLC

Queens, NY GFI Realty Services, LLC has brokered the $14 million sale of a rent-stabilized apartment portfolio in the Jamaica section. The elevator buildings, located at 162-20 and 164-03 89th Ave. are comprised of 73 apartment units and six retail spaces, totaling 89,344 s/f.

164-03 89th Avenue, Jamaica - Queens, NY

GFI Realty managing director of investment sales Yosef Katz represented the buyer, Jamaica-based Zara Realty Holding Corp., while GFI Realty associate director of investment sales Daniel Shragaei represented the seller, property management firm Topaz Realty Management.

“The buyer, who is an extremely active investor in Jamaica, immediately recognized the opportunity to make a long-term investment on 89th Ave.,” said Katz. “As this area is primed for growth, the buyer will likely realize a significant return on this strategic investment.”

At the northeast corner of 89^th Ave. and 164^th St., 164-03 89^th Ave. is a six-story elevator building consisting of 33 apartments and six stores.

At the southwest corner of 89th Ave. and 163rd St., 162-20 89th Ave. is a six-story elevator building with 40 apartments. The buyer, who owns several other Jamaica apartment buildings, will make substantial upgrades to both properties.

“This was an opportune time for the seller to divest of this property,” said Shragaei. “Since this was the seller’s only property in Queens, he decided to capitalize on the great offer that the buyer presented, which was above asking price.”