RockFarmer, RWN buy Jackson Heights building for $56M

Investors plan to reposition retail-and-office property

TRD New York /
Aug.August 03, 2018 05:00 PM

From left: George Michelis, John Petras, 82-11 37th Avenue and Ari Shalam (Credit: RockFarmer Properties, Google Maps, and VOXX International)

RockFarmer Properties and RWN Real Estate Partners picked up a retail-and-office building in Jackson Heights for just shy of $56 million.

Little Neck-based RockFarmer and Ari Shalam’s RWN paid $ 55.9 million to buy the nine-story, 128,000-square-foot property at 82-11 37th Avenue, the investors told The Real Deal.

“It’s probably the most prominent building in the Jackson Heights market,” said John Petras, a partner at RockFarmer.

“This is the first trade for this building since the ownership built it back in the early ‘90s,” he added.

The seller in the off-market deal is Carlo Cinganelli.

Tenants in the building include politicians, government officials, nonprofits and community groups, as well as professional service companies such as lawyers, accountants and architects, according to the new owners.

Rockfarmer and RWN plan to reposition and rebrand the building.

“Few buildings in this historic district will offer the space and quality of the asset once repositioned,” Shalam said in prepared remarks.

This is the first deal RockFarmer and RWN have worked on together. Petras said Savills Studley brokers David Krantz and Paul Leibowitz brought RWN to the table in a “tenants-in-common” structure.

RockFarmer, led by Petras and his partner George Michelis, is currently working on a 100,000-square-foot condominium building in Astoria.


Related Articles

arrow_forward_ios

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

Developer seeks $40M for Opportunity Zone site in downtown Newark

arrow_forward_ios