Queens condo sells for $20M and gets remade into rental

40-07 73rd Street
40-07 73rd Street

JMC Holdings has paid $20 million for a mixed-use building in the Jackson Heights neighborhood of Queens that it is already touting as a home for white-glove renters. 

The six-story property, at 40-07 73rd Street, has 31 units as well as 6,930 square feet of retail space on the ground floor; monthly rates for the one-, two and three-bedroom homes start at $2,400 per month.

Before the sale by Vig Properties,the building had been called the Bravo condominium; now, the name is the Roosevelt.

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Citi Habitats is overseeing the residential leasing; SRS Real Estate Partners has been tapped to market the retail space.

“The Roosevelt presented a strategic opportunity for JMC Holdings to obtain a brand-new, well-located property and reposition it to capitalize on the torrid NYC rental market as well as the emerging, under-retailed landscape of Jackson Heights, Queens,” JMC founder Matt Cassin told Real Estate Weekly.

Completed in 2012, the rental homes boast kitchens and baths with marble countertops, floor-to-ceiling soundproof windows and private balconies. [REW]Julie Strickland