A new residential development set to be built in Jamaica will create new affordable housing and bring significant investment into the community at a time when COVID-19 has continued to present severe economic challenges.
Zara Realty’s new state-of-the-art, nine-story residential building at 153-10 88th Ave. will have 223 units, from studios to two-bedrooms apartments (each with new appliances), and 30 percent of its units will be set aside as affordable housing.
The 218,000-square-foot building will have solar arrays on the roof to produce green energy. There will be space available for a community facility on the ground floor. All tenants will be provided with access to a valet parking garage, fitness center, recreational space, roof terrace, storage units and more.
Tony Subraj, co-managing partner for Zara, said new investment on this scale has been infrequent since the start of the pandemic, but they think it is needed now more than ever.
“Whether it is buying older buildings and reinvesting in the critical infrastructure to create quality, lasting housing, or starting from the ground up to deliver new affordable housing for New Yorkers, Zara Realty has been creating homes for Queens families for nearly 40 years,” Subraj said.
Amir Sobhraj, co-managing partner for Zara, said high-quality, affordable housing will be key to the economic revival of the city and of southeastern Queens in particular.
“Even as COVID-19 has devastated so many families in our community, and caused an enormous crater in our local economy, we believe in Queens. We believe in the future of this neighborhood, where we grew up and where we work, and we are investing here for the long term,” Sobhraj said.
Construction on the new residential development is expected to be completed in 2022.