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RockFarmer, RWN Take Jackson Heights Office in Off-Market Deal
RockFarmer Properties and RWN Real Estate Partners have acquired 82-11 37th Ave. in the Jackson Heights section of Queens for $55.9 million. The seller in the off-market deal was not disclosed.
The new owners plan to reposition and rebrand the 128,000-square-foot, nine-story building, which is comprised of ground floor retail spaces, two floors of indoor parking and both lower level and tower office suites. “Jackson Heights has seen significant growth in recent years without significant increase in supply, making 82-11 37th Ave. a rare and valuable opportunity,” said RockFarmer’s John Petras.
Added RWN’s Ari Shalam, “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.”
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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
