Zara Realty signs $16.2M refi with Dime Community for rental in Jamaica
The Subraj family’s Zara Realty Holding through the entity 150 Park LLC as borrower signed a refi loan with lender Dime Community Bank valued at $16.2 million for the 96-unit rental (C1) at 150-01 88th Avenue in Jamaica, Queens.
The deal closed on October 6, 2021 and was recorded on November 1, 2021.
The property has 79,200 square feet of built space and 91,228 square feet of additional air rights for a total buildable of 170,520 square feet according to PincusCo analysis of city data. The loan price per built square foot is $205 and the price per buildable square foot is $95 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 owner bought the property on June 9, 2016, for $21.5 million.
The signatory for Zara Realty Holding was Rajesh Anthony Subraj.
Over the past five years, there have been 28 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 28 renovation/alteration projects (A2) applied for with a total estimated value of $866,000.
The owners according to the Department of Housing Preservation and Development includes Jairaj Sobhraj, head officer and Kenneth Subraj, head officer. The business entities are Belair Park 5 Llc and 150 Park Llc.
Within a 400-foot radius of 150-01 88th Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which Mina Farah bought the 720-square-foot, one-unit retail building (GU) on 150-02 Hillside Avenue for $5 million from Estate of Thomas Nemet on May 5, 2020.
Of those five items, four were loans above $5 million totaling $433.6 million. The most recent of the four was Chetrit Group which borrowed $40 million from G4 Capital Partners secured by the 547,303-square-foot, 482-unit rental (D1) on 152-13 88th Avenue on July 30, 2021.
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