The Real Deal New York

Douglaston affiliate goes European on Cornelia Street rentals

December 04, 2013 03:40PM

RockFarmer Capital’s recently-purchased West Village rental portfolio is to become a “Euro-style community.”

The investment and development firm paid $24.6 million for the 26,480-square-foot property at 7-11 Cornelia Street early last month, which previous owners Stone Street Properties purchased as part of a $32.6 million package in 2011, as The Real Deal reported. RockFarmer is an affiliate of Douglaston Realty Management. The 7-11 Cornelia Street properties consist of three multi-family buildings, which RockFarmer principal John Petras said will be repositioned to encircle a European-style courtyard.

“We will turn the buildings into one mini-community while enhancing but keeping the charm and characteristics of each building in place,” Petras told Real Estate Weekly.

The properties, constructed around 1900, include an elevator building at 7 Cornelia Street with 26 apartments and two ground-floor retail spaces. It is fully occupied, with Wong and Vagabond cafés rounding out the ground floor. [REW] Julie Strickland