REAL ESTATE
Realty company buys two Flushing buildings for millions
BY JENNA BAGCAL
jbagcal@qns.com
@jenna_bagcal
A Jamaica-based realty company
recently purchased two multifamily units
in Flushing to the tune of $80 million.
Th e Real Deal fi rst reported that Zara
Realty bought a pair of buildings; a $37.5
million building at 140-60 Beech Ave.
and a $42.5 million building at 140-30
Ash Ave. According to the report, the
fi rm purchased the properties from real
estate agent Ilias Th eodoropoulos, who
has owned the buildings since 2005 and
2008 respectively.
Zara reportedly wants to keep the
neighboring apartments as long-term
assets. Both buildings span a total of
250,000 square feet and contain about 266
apartments total.
Many have vocally criticized Zara
Realty for illegal and unfair treatment
toward tenants living in their rent-stabilized
Sales in QueensHOMES COOPS CONDOS Listings and photos courtesy MLSLI
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST
WHITESTONE WOODSIDE BELLEROSE HOWARD BEACH
Under $500,000
220-55 46th Ave., Bayside
$369,900
Co-op
1 bedroom, 1 bathroom
Ziva Peled
Ziva Peled Realty
$500,000-$900,000
204-16 70th Ave., Douglaston
$628,000
Condo
1 bedroom, 2 bathrooms
Zhen Chen
E Realty International Corp
Over $900,000
145-36 5th Ave., Whitestone
$1,749,900
Colonial
3 bedrooms, 3 1/2 bathrooms
Demetrios Zias
Progressive Realty Group USA Inc
Under $500,000
90-09 Northern Blvd., Jackson Heights
$339,000
Co-op
2 bedrooms, 1 bathroom
Simon Driver
Charles Rutenberg Realty
$500,000-$900,000
4333 48th St., Sunnyside
$580,000
Condo
1 bedroom, 1 bathroom
Geraldine McKeon
Keller Williams Landmark II
Over $900,000
50-18 51st St., Woodside
$1,150,000
2 Family, 2 Story
7 bedrooms, 5 bathrooms
Chris Psompopoulos
RE/MAX Team
Under $500,000
186-16 Hilburn Ave., Jamaica
$280,000
Ranch
2 bedrooms, 1 bathroom
Sher Singh
Keller Williams Realty Liberty
$500,000-$900,000
9208 Gettysburg St., Bellerose
$569,999
Colonial
3 bedrooms, 1 bathroom
Ryan Ranellone
Realty Connect USA L I Inc
Over $900,000
82-13 211th St., Hollis Hills
$1,189,000
Colonial
5 bedrooms, 2 bathrooms
Patsy Tiu
Keller Williams Realty Gold Coast
Under $500,000
123-35 82nd Rd., Kew Gardens
$350,000
Co-op
2 bedrooms, 1 bathroom
Mitra Hakimi
Mitra Hakimi Realty Group LLC
$500,000-$900,000
7822 88th Rd., Woodhaven
$545,000
Duplex
5 bedrooms, 3 bathrooms
Mohsan Hussain
Best American Homes
Over $900,000
96-12 156th Ave., Howard Beach
$1,200,000
2 family, 2 story
5 bedrooms, 2 1/2 bathrooms
Marie McNicholl
Marie McNicholl Realtor
apartments. Th e company currently
owns 58 buildings, which total 2,500
rent-stabilized apartments in Jamaica and
surrounding areas.
Back in March, State Attorney General
Letitia James sued the landlord for
charging illegal fees to 38 tenants in
rent-stabilized apartments. Eighty tenants
rallied with James based on her lawsuit
charging Zara with “signing improper
leases, illegally raising rents as well as
denying tenant rights.”
140-30 Ash Ave.
“For years, Zara Realty has engaged in
an egregious pattern of tenant harassment
and exploitation,” said James in a statement.
“Evading our rent regulation laws
and forcing low-income tenants to pay
exorbitant fees for fake services is deception
of the worst kind. Th is is a notice to
all unscrupulous landlords who seek to
hurt New Yorkers, we will not tolerate
this behavior.”
In May, Public Advocate Jumaane
Williams joined community organizers in
speaking out against Zara for improperly
using Major Capital Improvements (MCI)
to evict tenants.
According to Williams, the abuse of
MCIs could lead to tenants being priced
out of their homes. Th e public advocate
called on the state to support legislation
which would no longer allow landlords to
use MCIs to force renters to pay for building
repairs.
But the real estate company defended
its use of MCIs, saying that they are
approved by the Homes & Community
Renewal offi ce aft er “a lengthy and thorough
review” and that tenants can also
review and comment on MCI plans before
construction begins.
Photos via Google Maps
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