Zara Realty signs $225M refi with Arbor Realty for 18 properties in Queens

The Subraj family’s Zara Realty Holding through the entity 149 St LLC as borrower (and others) signed a refi loan with lender Arbor Realty Trust through the entity Arbor Realty Sr.,Inc. valued at $225 million for 18 properties with 1,279 residential units including the 190-unit residential elevator building (D3) at 88-15 168th Street in Jamaica, Queens, 112-unit residential elevator building (D1) at 90-36 149th Street in Jamaica, Queens, and 90-unit residential elevator building (D1) at 90-10 149th Street in Jamaica, Queens.
The deal closed on February 23, 2026 and was recorded on March 13, 2026. The 18 properties have 1,121,306 square feet of built space and 71,782 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $200 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 .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Jairaj Sobhraj, head officer and Kenneth Subraj, officer. The business entities are Zara Realty Holding Corp and Hillside Park 168 Llc. The 18 properties with a total of 1,121,306 square feet of built space generated revenue of $23.1 million per year or $21 per square foot.

The property

The residential elevator building with 190 residential units in Jamaica has 1,121,306 square feet of built space and 71,782 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 110 feet deep with a total lot size of 27,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $12.1 million. The property has 188 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, 226 housing violations, $4,275 in OATH penalties, and eight housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 88-15 168th Street, PincusCo has identified the owners of one of the three commercial properties representing 128,961 square feet of the 141,761 square feet. The identified owner is Zara Realty Holding.
On the tax block, there was one new building construction project filed totaling 8,947 square feet. It is a 10-unit, 8,947 square-foot residential (R-2) building submitted by Md Bellal Hossain with plans filed March 24, 2022 and it has not been permitted yet.

The majority, or 91 percent of the 141,761 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Zara Realty Holding owned at least 52 commercial properties with 3,121 residential units in New York City with 2,755,580 square feet and a city-determined market value of $263.7 million. (Market value is typically about 50% of actual value.) The portfolio has $480.9 million in debt, with top three lenders as Northern Trust Company, Arbor Realty Trust, and Signature Bank respectively. Within the portfolio, the bulk, or 91 percent of the 2,755,580 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. They are all located in Queens.

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