The Real Deal New York

RockFarmer lists Washington Heights walk-ups for $32M

The five buildings offer a combined 80K sf in air rights

July 02, 2014 05:45PM

rockfarmer

From left: John Petras, George Michelis, 636 West 172nd St. and 650 West 173rd St.

RockFarmer Capital principals John Petras and George Michelis have listed five Washington Heights apartment buildings for $32 million.

The walk-up properties at 633 West 171st Street; 636, 642 and 643 West 172nd Street and 650 West 173rd Street contain mostly rent-stabilized units. There are 146 apartments total.

The buildings offer a combined 80,000 square feet in air rights alone. Robert Shapiro of Massey Knakal Realty Services is representing RockFarmer.

“This is the best market in upper Manhattan that I have seen in 13 years, even better than the boom in 2007,” Shapiro told Crain’s. “People are paying the highest prices ever here because they believe this area has a lot more upside.”

In February, RockFarmer, an affiliate of Douglas Realty Management, picked up a 100,000-square-foot co-op building in Elmhurst, Queens, as previously reported. [Crain's]Mark Maurer

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