News: Brokerage

RockFarmer Capital transforms Astoria residential market with Astoria Lights

RockFarmer Capital LLC, led by principals George Michelis and John Petras, unveiled the record success of Astoria Lights, a residential co-op development in the Astoria neighborhood that, within eight weeks of its first open house, had over 1,800 visitors, received over 300 offers and sold all 30 units that were released. The renovated pre-war co-op has met high demand since opening its doors in October 2013, and has already surpassed preliminary marketing goals within one-third of the projected schedule. Astoria Lights consists of four pre-war co-ops that have been revitalized with open, loft-style floor plans, modern amenities and sophisticated finishes that compliment the buildings' historic charm. The pioneering development achieves RockFarmer Capital's one-of-a-kind vision to fill a void in the marketplace with a unique, high-end product at an affordable price. Astoria Lights offers spectacular one- and two-bedroom units starting at just $200,000, a rarity for New York City. "Astoria Lights is the perfect storm of product, amenities, price and location," said broker Tom Le of The Corcoran Group. Le continued to reveal the thoughtfulness of RockFarmer developers George Michelis and John Petras, who bring extensive experience developing similar projects in Brooklyn and Queens to Astoria Lights, in targeting buyers who are seeking co-ops with the amenities and convenience of Manhattan-adjacent condominiums, explaining that a large portion of this market sector can no longer afford to live in the luxury condos offered in Williamsburg and Long Island City. RockFarmer Capital and The Corcoran Group look forward to emulating the astronomical success that the project has experienced in the first phase of sales throughout the duration of the project.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,