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
441 Ocean Avenue and 1745 Caton Avenue in Brooklyn (Credit: Google Maps)

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

Institutional buyer bags North Jersey apartment complex for $59M

Upper Manhattan, Bronx multifamily portfolio trades for $60M

Former broker alleging sexual harassment had a restraining order against her

Marcus & Millichap branch exec hit with sexual harassment suit

Chestnut Holdings buys Bronx-centric 19-building retail portfolio

HAP Investments buys Tribeca site for its next condo project

PHOTOS: Inside Marcus & Millichap’s 2017 holiday brokerfest

arrow_forward_ios