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.