RockFarmer plans nearly 100K sf condo in Astoria

Queens multifamily player would build 43 apartments on site of strip mall

Mar.March 01, 2017 01:30 PM

21-21 31st Street and John Petras (Credit: Google Maps)

RockFarmer Properties filed plans for a 94,000-square-foot luxury condominium building in Astoria, making it one of the Queens landlord’s few condo projects.

The firm, led by John Petras and George Michelis, is planning a mixed-use property at 21-21 31st Street with 43 apartments. DXA Studio TRData LogoTINY would serve as the architect of record and Halstead Property Development Marketing would handle condo sales. A spokesperson for the architect said RockFarmer recently submitted the permit application, though it has not yet appeared on the Department of Buildings’ website.

RockFarmer said it expects to break ground on the site in mid-2018 and wrap construction by summer 2020.

21-21 31st Street

The firm, which owns about 30 buildings in the city, paid $12.1 million last year for a strip mall on the site, home to multiple discount stores, a restaurant and a laundromat.

Astoria has seen a flurry of recent rental development, but only a handful of new condos. MCV Developers and World Holdings, for example, opened a five-story, 11-unit condo at 26-14 28th Street late last year. In terms of rental megadevelopments, the Durst Organization is building the 2,000-unit Halletts Cove and Alma Realty is behind the 1,763-unit Astoria Cove. Both of those rental projects have been hit with delays in the absence of the 421a tax abatement.

Related Articles

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Robert De Niro and a rendering of Wildflower Studios (Credit: Getty Images and BIG)

Robert De Niro’s Wildflower Studios closes on $72M Astoria site

Hiram Monserrate (Credit: Getty Images, iStock)

Ex-con’s campaign funded by real estate principal sued for fraud

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history