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

TRD New York /
Feb.February 07, 2014 06:16 PM

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.

Related Articles

Renderings of 601 West 29th Street and Jeff Levine (Credit: CityRealty and Douglaston)

Douglaston brings in new partner on West Side resi tower, lands construction loan

Bluestone buys Queens building for $85M at foreclosure auction

Queens property purchased for $125M by Chinese firm headed to foreclosure

Wanted: $415M in construction financing for Douglaston’s Hudson Yards project

At the desk of: Benjamin Levine

Douglaston leases Hudson Yards site, paving way for 931-unit tower

Pi Capital Partners snags $60M refi for Elmhurst resi building

These were the biggest Q1 deals in Brooklyn