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Debt & Equity

Zara Realty lands $54.5M loan for five-building Queens portfolio

Zara Realty has secured a $54.5 million New York Community Bank loan for a five-building portfolio in Queens, according to city records.

The properties, with the addresses 88-25 148th Street, 88-09 148th Street, 148-48 88th Avenue, 191-11 Woodhull Avenue and 91-59 191st Street, are located in Hollis and Jamaica. All of the buildings are six-story rentals and contain a total of 354 units.

Zara acquired the package for $39 million in 2012. The previous owner was New Jersey firm Urban American.

Zara, which is owned by the Subraj family, is a residential landlord operating in Queens and Long Island. The firm is currently active with projects in Jamaica. Earlier this month, it acquired 88-22 Parsons Boulevard and 89-21 153rd Street for $10.25 million. It also recently filed plans to build a seven-story residential building at 153-10 89th Avenue. The company is looking to construct a 17,113 s/f property with 17 apartments.

Last June, a New York Post report accused the company of harassing immigrant tenants out of their rent-stabilized homes. Zara allegedly posted signs for a Department of Homeland Security tip line and tried to intimidate undocumented tenants with requests for documentation. The company denied the allegations, calling the charges “foolish and preposterous.”

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