Investment Sales

191-11 Woodhull Avenue

Zara Realty Acquires Queens Portfolio

Zara Realty has acquired a five-building portfolio of apartment buildings in Queens for $39 million from the large residential real estate owner Urban American.

Ken Subraj, an executive and principal at Zara, confirmed the deal and said that his company was drawn to the buildings because they are both similar and closely located to the company’s existing holdings. Read More

on the waterfront

A two-fer (ERF)

East River Ferry Runs Aground: Ridership Way Down

Much as The Observer enjoyed our trip on the East River Ferry in the fall, what with the views and croissants on board, it was still an anachronistic way to get to work, one that took twice as long as the typical subway commute (it did not help that we had to bike to the ferry, then walk to the subway to get to the office on the West Side). Still, as an alternative, it is nice.

Fewer New Yorkers seem to agree: Ferry ridership has fallen by 50 percent over the past few months, according to The Journal. Read More

Apple Kool-Aid

Cornering Queens?

iQueens: Second Outer Borough Apple Store Won’t Be in Brooklyn?

Brooklyn Borough President Marty Markowitz has been stamping his feet for years over his desire to land the holy grail of retailers: an Apple Store. After all, the M.T.A. bent over backwards to bringing a glowing Temple of Jobs into Grand Central. But it looks like Marty can forget about it, as Apple may be opening its next outer borough outlet in Queens County, not Kings County. Read More

Bigger Than Hip-Hop

Cuomo.

Redistrict Remix: Gerrymandering Issue Taken Up By Queens Rapper and Punjabi Proteges

When one thinks of Queens rappers, one does not think of political redistricting, but all of that is about to change.

Himanshu “Heems” Suri, a member of the idiosyncratic rap group Das Racist, is releasing his hotly anticipated solo mixtape Nehru Jackets in conjunction with SEVA NY, a community organization that’s currently focused on raising awareness about the consequences the citywide redistricting scheduled for later this year will have in the Queens neighborhoods where he grew up. Mr. Suri’s mixtape will be accompanied on several songs by young SEVA members who rap and sing in Punjabi.

The Observer made our way out to Queens to watch Mr. Suri record at SEVA co-founder and executive director Gurpal Singh’s bedroom studio. Mr. Suri was accompanied by a pair of young SEVA rappers—Lovedeep Singh, 21, and Jaspreet Singh, 17 (none of the Singhs are related, it turns out). Lovedeep’s parents don’t know about his rap hobby—he simply told them he was at a SEVA event without mentioning the recording studio. Mr. Suri and Mr. Singh told him they would break the news to his parents before the mixtape’s release party.

“He’s got strict parents, but we’re going to have to tell them,” Mr. Singh said. “He’s going to be on stage in front of the whole community.” Read More

Tales of Investment Sales

Broker Anan Melwani.

Ashok Mehra Expands Into Queens

The real estate investor Ashok Mehra has purchased a 9,500 square foot retail building in Woodside, Queens for $2.22 million.

The deal offers Mr. Mehra the chance to expand his real estate holdings into areas beyond Manhattan, where he owns at least two office buildings, 121 West 27th Street and 19 West 21st Street, which are about 100,000 square feet apiece. Read More