The Real Deal New York

RockFarmer nabs Jackson Heights rental for $29M

34-unit property has sold twice since it was built in 2010

September 21, 2016 07:00AM
By Miriam Hall

40-07 73rd Street in Jackson Heights (Inset: Matt Cassin)

40-07 73rd Street in Jackson Heights (Inset: Matt Cassin)

RockFarmer Properties snapped up a 34-unit multifamily building in Jackson Heights for $29.3 million, or $600 per square foot, sources told The Real Deal.

The six-story building at 40-07 73rd Street, which spans nearly 49,000 square feet, was built in 2010. The seller of the property was Matt Cassin’s JMC Holdings, which has owned the property for three years. The firm paid $20 million for it in 2013.

Joe Koicim, Peter Von Der Ahe, Shaun Riney and Mike Salvatico of Marcus & Millichap TRData LogoTINY brokered the sale. Neither the buyer nor seller was immediately available for comment.

Peter Von Der Ahe and Joe Koicim

From left: Peter Von Der Ahe and Joe Koicim

RockFarmer Properties, a real estate investment firm led by John Petras and George Michelis, is an active buyer in Queens, scooping up a mix of prewar rentals, condos and co-ops. Earlier this year the company bought a 10,000-square-foot strip mall in Astoria for $12.1 million from Ditmars Real Estate Consultants.

JMC recently sold an office condo spanning the top three floors of 99 Hudson Street to LaSalle Investment Management for $48 million, more than double what it paid several years ago.