Zara Realty is investing in Elmhurst, purchasing and improving a 163-unit residential building on 57th Avenue at Junction Boulevard, the company announced, a further expression of confidence in the booming neighborhood.
The 7-story, doorman building is within walking distance of shops and retail along Queens Boulevard, including the Queens Center Mall, as well as the M and R subway lines, and is close to Flushing Meadows-Corona Park and Citi Field. It is also near an entrance to the Long Island Expressway.
Zara Realty, which has never sold a building that it has purchased in Queens, is the borough’s premier manager of affordable housing and will make significant investments on improvements to serve tenants. Residents at the building, 94-25 57th Ave., will benefit from new facades, doors, roof, outdoor landscaping and improvements to the courtyard. The building has a garage and a laundry room.
“We are proud to invest in the communities where we live and work,” said Anthony Subraj, principal of the family-owned Zara Realty. “My own family came to Queens as immigrants from Guyana and we have spent a lifetime investing in neighborhoods that are home to a diverse population, including immigrants from all parts of the globe. This is what makes Queens so special to our firm and it is why we are so confident in its future success.”
“We are constantly striving to preserve existing housing stock, while improving and modernizing the facilities to best serve our tenants,” said Amir Sobhraj, Financial Controller at Zara Realty.
A wide variety of restaurants, shops, grocery stores, retail and other amenities cater to the neighborhood’s diverse population. Surrounding recreational space include Hoffman and Elmhurst parks and Crowley Playground.
The 187,000-square-foot building, which has two elevators, is home to a daycare center and doctors’ offices on the ground-floor. Apartments are range from studios to three-bedrooms, with the majority being one-bedroom.
Zara is a Jamaica, Queens-based property owner and manager with more than 2.7 million square feet of residential property in Queens. It was founded by immigrants in southeast Queens in 1982. Sterling National Bank Senior Managing Director Munesh Verma and Senior Managing Director Ellen Weber assisted with the financing of the transaction.