NEW YORK, NY – RockFarmer Capital LLC (RockFarmer Capital), led by George Michelis and John C. Petras, is pleased to announce the acquisition of three prime multi-family properties at 7-11 Cornelia Street in New York City. Located in the heart of New York City’s vibrant and historic West Village neighborhood, the 26,480-square-foot portfolio is comprised of 47 residential units and two ground-floor commercial retail spaces.
7-11 Cornelia is conveniently located on a quiet, tree-lined block between Bleeker Street and West 4th, and includes 75 feet of frontage on Cornelia Street, one of New York City’s most desirable residential and commercial locations. The buildings are across the street from the West 4th Subway stop, featuring access to the A, B, C, D, E, F, and M trains, and are surrounded by a variety of amenities, restaurants and shops.
“I am pleased to announce RockFarmer Capital’s acquisition of 7-11 Cornelia Street in New York City’s historic West Village. These buildings mark our largest transaction in Manhattan to date and represent the best New York City has to offer, combining peaceful neighborhood charm with access to 24/7 amenities, big-city convenience and close proximity to three of the city’s vital subway lines,” said John C. Petras, Principal at RockFarmer Capital.
George Michelis, Principal at RockFarmer Capital stated, “Our recent acquisition of 7-11 Cornelia will further diversify our rapidly growing portfolio. The traditionally low vacancy rates and historic appeal of the neighborhood make this a rare and exciting.”
Constructed around 1900, 7 Cornelia Street is an elevator building featuring 26 apartments and two ground-floor commercial retail spaces. Currently, the building is fully occupied, with commercial tenants Wong Café and Vagabond Café on the ground floor.
11 Cornelia Street features both a front building and rear carriage house containing a total of 21 units. Constructed in 1850, the building’s Spanish influence is evident on its façade, as well as in its 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. Combined, the properties will add 26,480 square feet to RockFarmer Capital’s growing portfolio.
RockFarmer Capital, led by George Michelis and John C. Petras, transforms underserved properties into high value investments by leveraging the creativity, vision, and experience of its team. RockFarmer has successfully executed major renovations, repositionings, and capital improvements across New York City’s diverse neighborhoods. The expertise of the firm’s team drives its work, from initial underwritings anddecisions, to the marketing and sale of individual units. Today, the company’s investment portfolio includes over two thousand residential and commercial units worth over $400 million. Through its property management affiliate, Douglaston Realty Management Corp., RockFarmer Capital provides hands-on management of its growing portfolio. For more information, visit www.rockfarmernyc.com.