Zara Realty signs $16.1M refi with Northern Trust for two rentals in Jamaica

Zara Realty Holding through the entity 162-20 LLC as borrower signed a refi loan with lender Northern Trust Company valued at $16.1 million for two rentals including the 40-unit rental (D1) at 162-20 89th Avenue in Jamaica, Queens and 36-unit rental (D7) at 164-03 89th Avenue in Jamaica, Queens.
The deal closed on June 29, 2021 and was recorded on August 10, 2021.
The two properties have 89,344 square feet of built space and 641 square feet of additional air rights for a total buildable of 89,980 square feet according to PincusCo analysis of city data. The loan price per built square foot is $180 and the price per buildable square foot is $178 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Zara Realty Holding was Rajesh Anthony Subraj and Amir Sobhraj.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $482,055.
The owners according to the Department of Housing Preservation and Development includes Jairaj Sobhraj, head officer and Kenneth Subraj, officer. The business entities are Belair Park 5 Llc and 164-03 Llc.

Within a 400-foot radius of 164-03 89th Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $24.4 million. The most recent of the two was Bawa Nand Mallick which borrowed $18.5 million from JPMorgan Chase secured by the 135,643-square-foot, 200-unit rental (D1) on 89-38 164th Street on July 2, 2021.

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