JMC buys Jackson Heights rental for $20M

JMC Holdings LLC has purchased 40-07 73rd Street, a newly-built residential and retail property located in Jackson Heights, Queens, for $20 million from the developer, Vig Properties.

JMC Holdings has re-launched the property as The Roosevelt, a high-end rental building featuring 31, one, two- and three-bedroom apartments, a 6,930-square-foot ground-floor retail space and two levels of below-grade parking.

The firm has retained Citi Habitats to oversee residential leasing at The Roosevelt and SRS Real Estate Partners to market the property’s retail space.

The Roosevelt

“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,” said Matt Cassin, founder of JMC Holdings LLC. “The size and features of the residential units, as well as the unique attributes of the retail space, allow us to deliver an excellent value proposition to prospective tenants and retailers”

“Those that demand more spacious layouts, want an extra bathroom, outdoor space and a short, 15-minute commute to Manhattan will find tremendous value at The Roosevelt,” added Michael Schulte of Citi Habitats. “You’d be hard pressed to find the same quality and space for a two-bedroom apartment this close to Midtown in the $2,500 to $3,000 per month range.”

Located adjacent to the Roosevelt Avenue/74th Street Station in Jackson Heights, Queens, The Roosevelt is a six-story, elevator building that was completed in 2012 and features kitchens and baths with marble countertops, stainless steel appliances, floor-to-ceiling sound-proof windows and private balconies. The 31-unit development offers a mix of mostly two-bed, two-bath homes with starting rents beginning at $2,400 per month.

The Roosevelt also features a 6,930-square-foot, ground-level retail space that is available for rent. The space has 1,000 square feet of additional mezzanine space, 22-foot  ceilings and a  storefront on Roosevelt Ave. JMC Holdings and SRS Real Estate Partners will consider divisions into multiple suites, in addition to a single user.

“The Roosevelt’s proximity to the second busiest transit hub in Queens will command attention from a pool of national retailers, like banks, pharmacies, or medical offices, that have been eager to open in the burgeoning area but struggled with the limited availabilities,” said Mark Kapnick of SRS Real Estate Partners.

The property also features a dual-level, subgrade parking garage containing 74 spaces. The garage, which has an entrance on 73rd St., will be maintained by a third-party operator. Spaces will be available for lease by residents and the public.


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