Orlander and Katz of GFI Realty arrange $21.5 million sale of Jamaica apartments

Queens, NY GFI Realty Services, LLC has arranged the $21.5 million sale of six contiguous walk-up apartment buildings in the Jamaica section. The four-story buildings, located at 150-01 through 150-11 88th Ave., total 79,200 s/f, 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.