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Nov. 8, 2013

JMC Holdings Acquires New Queens Condo Building, Repurposes as Mixed-Use Rental Community

 By Joshua Ayers, Senior Editor

New York—JMC Holdings LLC has acquired the newly constructed 40-07 73rd Street condo building in Jackson Heights, Queens, and has already moved forward with its plans to repurpose the building into a high-end apartment building that has been branded The Roosevelt. The property was purchased from developer Vig Properties for $20 million.

Citi Habitats will oversee leasing and SRS Real Estate Partners will market the community.

JMC Holdings is hoping to capitalize on a potential upswing of land value in Jackson Heights and believes it has given itself good positioning in the submarket with the purchase of the building.

“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 NYC rental market as well as the emerging, under-retailed landscape of Jackson Heights, Queens,” says 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.”

The six-story mixed-use building was built in 2012 and is comprised of 31, one-two- and three-bedroom units, as well as 6,930 square feet of retail space. Unit kitchens and bathrooms feature marble countertops and stainless steel appliances, floor-to-ceiling sound-proof windows and private balconies.  The building also includes a two-level subgrade parking garage with 74 spaces that will be leased to residents and the public.

“Those that demand more spacious layouts, want an extra bathroom, outdoor space and a short, 15-minute commute to Manhattan will find tremendous value at The Roosevelt,” says Michael Schulte, licensed real estate salesperson at 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.”

The retail space, which includes about an additional 1,000 square feet of mezzanine space, features 22-foot vaulted ceilings and good visibility along Roosevelt Avenue.  In addition to a single retail tenant, JMC Holdings and SRS Real Estate Partners would consider dividing up the space into multiple units.

“The Roosevelt’s proximity to the second busiest transit hub in Queens will command attention from a pool of national retailers, like banks, pharmacies, or medical offices, that have been eager to open in the burgeoning area but struggled with the limited availabilities,” says SRS Real Estate’s Mark Kapnick.

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