Rent-Stabilized and Remaining Unsold Free Market Sponsor Units Sold Following Complete Transformation of Iconic Pre-War Development
New York City-based developer RockFarmer Properties recently announced the bulk sale of 48 rent-stabilized and unsold free market sponsor units at Astoria Lights, one of Queens’ most successful and transformative residential projects, 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. 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,” said George Michelis, principal of RockFarmer Properties.
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 that included the addition of new amenities including a gym, bike room, sky deck and laundry room, selling 57 co-op residences while attracting more than 2,800 buyers searching for affordable, renovated residences with top-of-the-line finishes and amenities. The building first converted to a co-op in 1988.
In 2019, RockFarmer renovated an additional 38 residences for sale, adding even more onsite amenities including a resident’s lounge, co-working space, children’s playroom, pet spa and newly created outdoor spaces for residents to enjoy, such as a bocce ball court.
In total, RockFarmer generated more than $50 million in retail sales at Astoria Lights since its initial purchase of the building.
“Astoria Lights is a great example of how RockFarmer approaches development. We like to imagine what ‘could be,’ and focus on how to breathe life—and value—into the asset by creating something truly unique for the neighborhood,” said John Petras, principal of RockFarmer Properties. “In the case of Astoria Lights, we saw incredible interest from buyers during both phases of sales that resulted in more than $50 million in sales—it’s an incredible building and will continue to be for years to come.”
Mark Zborovsky, president of Mark Zborovsky LLC represented both the buyer and the seller, RockFarmer Properties, in the transaction.
“Astoria Lights offers the best of both worlds for buyers looking for a prime location in one of the city’s best and most desirable neighborhoods who also want an updated home with modern conveniences, timeless finishes and design but maintains its old-world charms,” said Tom Le of Corcoran, the exclusive marketing and sales agent representing Astoria Lights through both sales phases. “RockFarmer’s creative approach and collaborative process with the entire team transformed the property from an under-utilized building with unrealized potential in to thriving community including a unique, curated package of amenities for its residents. This Astoria Lights community is one of the most sought-after affordable properties in the area. It was a pleasure to work with RockFarmer to help reimagine this incredible project.”
Located at 24-39, 24-51, 24-65 and 24-75 38th Street in Astoria, Queens, Astoria Lights is a contiguous, four-building property comprised of 166 residences. Astoria has long been one of Queens’ best kept secrets—just a 15-minute subway ride from Midtown Manhattan, the neighborhood is one of the most desirable living destinations in New York City thanks to its idyllic streets and ever-expanding restaurant scene.
