Rockfarmer and RWN Acquire Jackson Heights Mixed-Use Property
The buyers purchased the 128,000 square-foot Queens property for almost $56 million.
NEW YORK CITY– RockFarmer Properties, led by George Michelis and John Petras, and RWN Real Estate Partners, led by Ari Shalam, acquired 82-11 37th Ave. in Jackson Heights for $55.9 million. The seller was the estate of Carlo and Anne Cinganelli.
The owners plan to reposition and rebrand the 128,000 square-foot, nine-story building, which comprises ground floor retail spaces, two floors of indoor parking, and both lower level and tower office suites. The property spans an entire block. The office space contains both full-floor units and smaller suites. Tenants include politicians, government officials, non-profits, community groups, and professional service providers such as lawyers, accountants, architects and medical professionals.
“Jackson Heights has seen significant growth in recent years without significant increase in supply, making 82-11 37th Ave. a rare and valuable opportunity,” says Petras. “We look forward to the repositioning and rebranding of this building, creating an unrivaled office and retail offering in this up-and-coming neighborhood.”
Shalam points to the building’s location and good transportation. “As more tenants are migrating towards this flourishing neighborhood, few buildings in this historic district will offer the space and quality of the asset once repositioned,” he says.
David Krantz and Paul Leibowitz of Savills Studley arranged the equity for the deal, which was structured on a tenants-in-common basis among the investors with seller financing. No brokers were used in the sale of the property.