The Real Deal New York

RockFarmer said to get $30M for Wash. Heights assemblage

Walk-up rental properties offer 80K square feet of air rights
By Mark Maurer | August 29, 2014 01:15PM

RockFarmer Capital, an affiliate of Queens-based Douglaston Realty Management, found a buyer for a Washington Heights residential portfolio for north of $30 million, The Real Deal has learned.

The five-story walk-up rental properties at 633 West 171st Street; 636, 642 and 643 West 172nd Street and 650 West 173rd Street hit the market for $32 million in July. The portfolio – which contains 146 apartments, many of them rent-stabilized – entered contract this week, sources said.

The buyer in contract is a Brooklyn-based investor with several multi-family buildings.

The properties offer a total of 80,000 square feet in air rights. Robert Shapiro of Massey Knakal Realty Services represented both the buyer and the seller.

RockFarmer owns and manages about 2,000 units in 30 buildings in the city. Most are multi-family prewar properties in Queens and Manhattan.

The firm is in the process of redeveloping a 167-unit co-op project called Astoria Lights. RockFarmer is outfitting the building with a roof deck, fitness center, bike storage and common courtyards.