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New York & Tri-State  + Uptown/Bronx  + Apartments  | 

RockFarmer Completes Bulk Sale of Co-Op Units in Astoria

RockFarmer Properties has completed the bulk sale of 48 rent-stabilized and unsold free market sponsor units at its Astoria Lights co-op property in Queens to an undisclosed buyer for $12,423,000.

“When RockFarmer purchased the available co-op units in bulk in 2012, we understood immediately that this was an asset with incredible upside,” said George Michelis, principal of RockFarmerProperties. “After restoring the building to its original grandeur—including the gut renovation of more than 95 units—RockFarmer is thrilled to see that Astoria Lights has become one of the most desired addresses in the neighborhood.”

RockFarmer first purchased 135 units at the property in 2012 for $11 million.  In 2014, RockFarmer rebranded the building as Astoria Lights following an extensive renovation.

In total, RockFarmer generated more than $50 million in retail sales at Astoria Lights since its initial purchase of the building.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).