By Linda O’Flanagan
Investment and development firm RockFarmer Capital is planning a Euro-style community in the heart of the West Village.
The company announced yesterday (Tuesday) it paid $24.6 million for three multifamily properties at 7-11 Cornelia Street.
“We plan on re-positioning this asset,” said John Petras, principal at RockFarmer. “It is unique in terms of having three separate buildings that basically encircle a common European-style courtyard although each building currently has a different look and feel.
“We will turn the buildings into one mini-community while enhancing but keeping the charm and characteristics of each building in place.ˮ
George Michelis, another principal at the firm, added, “We plan on unit upgrades as well and this is a long-term hold for our company.ˮ
Peter Von Der Ahe and Joe Koicim of Marcus & Millichap brokered the sale of 26,480 s/f portfolio, which is comprised of 47 residential units and two ground-floor commercial retail spaces. The seller was Stone Street Properties.
Located on a quiet, tree-lined block between Bleeker Street and West 4th, the properties were building around 1900. 7 Cornelia Street is an elevator building with 26 apartments and two ground-floor commercial retail spaces. It is fully occupied, with commercial tenants Wong Café and Vagabond Café on the ground floor.
11 Cornelia has both a front building and rear carriage house with a total of 21 units. Constructed in 1850, the building has a Spanish influence and private courtyard area, which serves as a shared communal space for all residents. Amenities include on-site laundry and storage, as well as a live-in super and video doorman.
The deal is RockFarmer Capital’s biggest in Manhattan, but by no means the last.
The company’s investment portfolio currently includes over 2,000 residential and commercial units worth over $400 million. Through its property management affiliate, Douglaston Realty Management Corp., it also provides management services.
According to Michelis, “We are currently exploring other investment opportunities in Manhattan as well as Brooklyn and Queens with a focus on assets that we believe present an opportunity for re-positioning and adding value for our company while improving the overall experience our residents have in the community.