The Real Deal New York

RockFarmer signs paper on 100,000 sf Elmhurt co-op building

February 07, 2014 06:16PM
By Mark Maurer

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42-22-ketcham

From left: 42-22 Ketcham Street, John Petras and George Michelis

RockFarmer Capital, an affiliate of Douglaston Realty Management, picked up a 100,000-square-foot co-op building in Elmhurst, Queens, for $11.7 million in an off-market deal, the investment and development firm told The Real Deal.

The six-story building at 42-22 Ketcham Street, between Baxter and Pettite avenues, contains 127 units. RockFarmer bought 116 of those units. Most of the co-ops are currently rented out.

George Michelis, a managing principal at RockFarmer, told The Real Deal the firm plans to renovate the lobby and backyard.

“Over the next year, we want to financially stabilize the building and accent the prewar charm,” said Michelis, who worked with partner John Petras on the deal.

“It is unusual to find such a large block of co-op shares on the market in Queens,” Michelis added.

No brokers were involved in the acquisition, and the seller was not disclosed.

RockFarmer was also behind a deal for a rental building at 80-20 Broadway in Elmhurst. The developer paid $24.6 million for the 26,480-square-foot property at 7-11 Cornelia Street in the West Village in November, as previously reported.

  • Proper

    how is it a coop when 91% of the units are sponsor owned, don’t you need 15% to make a coop plan effective ?

    • Michael

      U calculate sqft not percent of units.

      • Proper

        i guess that’s the explanation, thanks

  • no-permits

    rockfarmer, who thought of that stupid name?

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