JMC Holdings LLC has purchased 40-07 73rd Street, a newly-built residential and retail property 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 s/f 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 presented a strategic opportunity for JMC Holdings to obtain a brand-new, well-located property and reposition it to capitalize on the torrid New York 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”
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, 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.