RockFarmer nabs Jackson Heights rental for $29M

34-unit property has sold twice since it was built in 2010

TRD New York /
Sep.September 21, 2016 07:00 AM

RockFarmer Properties snapped up a 34-unit multifamily building in Jackson Heights for $29.3 million, or $600 per square foot, sources told The Real Deal.

The six-story building at 40-07 73rd Street, which spans nearly 49,000 square feet, was built in 2010. The seller of the property was Matt Cassin’s JMC Holdings, which has owned the property for three years. The firm paid $20 million for it in 2013.

Joe Koicim, Peter Von Der Ahe, Shaun Riney and Mike Salvatico of Marcus & Millichap TRData LogoTINY brokered the sale. Neither the buyer nor seller was immediately available for comment.

RockFarmer Properties, a real estate investment firm led by John Petras and George Michelis, is an active buyer in Queens, scooping up a mix of prewar rentals, condos and co-ops. Earlier this year the company bought a 10,000-square-foot strip mall in Astoria for $12.1 million from Ditmars Real Estate Consultants.

JMC recently sold an office condo spanning the top three floors of 99 Hudson Street to LaSalle Investment Management for $48 million, more than double what it paid several years ago.


Related Articles

arrow_forward_ios
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

Joint venture plans 400K sf commercial project for LIC
Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Long Island City hotel project moves forward with construction loan
CW Realty's Cheskie Weisz and the Williamsburg assemblage (Credit: CW Realty and Google Maps)

CW Realty buying Williamsburg assemblage for $39M

CW Realty buying Williamsburg assemblage for $39M
441 Ocean Avenue and 1745 Caton Avenue in Brooklyn (Credit: Google Maps)

Meridian Properties buys pair of
rent-stabilized buildings for $35M

Meridian Properties buys pair of
rent-stabilized buildings for $35M
New Providence Gardens and Gebroe-Hammer broker Nicholas Nicolaou

Institutional buyer bags North Jersey apartment complex for $59M

Institutional buyer bags North Jersey apartment complex for $59M
Upper Manhattan, Bronx multifamily portfolio trades for $60M

Upper Manhattan, Bronx multifamily portfolio trades for $60M

Upper Manhattan, Bronx multifamily portfolio trades for $60M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...