As part of the surge in development occurring in Jamaica, Queens, one of the neighborhood’s most prominent real estate firms is building a new luxury residential complex near Rufus King Park.
The 18-unit, seven-story building on 89th Avenue between 172nd and 173rd streets will feature a gym, two rooftop terraces with recreational space, a lounge with free wi-fi, washer-driers in every unit and a 24/7 concierge. The building will also have a garage for residents.
It is being built by Zara Realty, which manages 2.6 million square feet of residential space, much of it in Southeast Queens. It is part of a development boom in Jamaica that is expected to bring 2,000 new housing units and 1,500 hotel rooms over the next few years, according to the Greater Jamaica Development Corporation.
The private construction will compliment public investments in the neighborhood’s infrastructure that include a $65 million renovation of Jamaica Center and the Sutphin Underpass, which will improve access to the Air Train Terminal and create 5,500 new square feet of retail space, according to the New York City Economic Development Corp (EDC).
“We have been investing in this community for 35 years and as Jamaica continues to grow and thrive, we are helping to provide the critical, high-quality housing that will accommodate this growth,” said Anthony Subraj, Vice President at Zara Realty. “As a firm founded and still run by an immigrant family that made Jamaica our home, we are committed to the future of this diverse and vibrant community.”
“Our company invests for the long haul,” said Amir Sobhraj, Financial Controller at Zara Realty. “We have never sold a building we have purchased in Queens. Whether it is through new construction, or the rehabilitation of existing housing, it is vital to the future of the neighborhood that we continue investing in residential development.”
Construction on the new project is set to begin in Spring 2018 and take about 18 months to complete.
Zara is a Jamaica, Queens-based property owner and manager with more 2.6 million square feet of residential property in Jamaica and the surrounding communities. It was founded by immigrants in southeast Queens in 1982.