Local Investor Pays $16.5M for Three-Building Portfolio in Jamaica, Queens

NEW YORK—A local investor has paid approximately $16.5 million for a portfolio of three apartment buildings in the Jamaica section of Queens, including 153-19 89th Ave., 138-42 90th Ave. and 90-25 138th Place. Daniel Shragaei, an associate of GFI Realty Services Inc. represented the seller, G&H Building Co., while Yosef Katz, director of GFI Realty Services Inc., represented the buyer.

The package of pre-war buildings consists of two, six-story elevator apartment buildings and one, four-story walk-up building, totaling 159 apartment units spanning approximately 164,900 sq. ft. The transaction translates to approximately $103,000 per unit.

“These buildings were constructed in the early 1900s and have been in the same family for over 70 years,” said Shragaei. "Whenever you are able to buy a property from the original owners, it will prove to be a good long-term investment.”

The properties are located in close proximity to King Park, the Greater Jamaica Development Corp., the Jamaica AirTrain and public transportation.

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