RockFarmer pays $13M to Olshan for two rental elevator properties in Flushing

RockFarmer Properties through the entity RFC Enterprise 35th Avenue SPE LLC paid $13 million to Olshan Properties through the entity 144 35th Avenue LLC for the 58-unit residential elevator building (D1) at 144-30 35th Avenue in Flushing, Queens and 58-unit residential elevator building (D1) at 144-32 35th Avenue in Flushing, Queens. The expected use is cash flowing.
The deal closed on March 13, 2026 and was recorded on March 25, 2026. The two properties have 118,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $109 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Olshan Properties was Zachary Bornstein . The signatory for RockFarmer Properties was George Michelis . The contract date was November 3, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer RockFarmer Properties had purchased any other properties and sold two properties in two transactions for a total of $12.2 million over the past 24 months.
The seller Olshan Properties purchased five properties in three transactions for a total of $41 million and sold one property in one transaction for a total of $3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Zachary Bornstein, head officer and Derlin Colon, site manager. The business entity is 144-35th Avenue Llc. The two properties with a total of 118,200 square feet of built space generated revenue of $2.3 million per year or $19 per square foot. The sale price per square foot was $110.

The property

The residential elevator building with 58 residential units in Flushing has 118,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 87 feet and is 180 feet deep with a total lot size of 15,750 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4 million. The property has 116 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 14 housing violations and $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 144-30 35th Avenue, PincusCo has identified the owners of five of the nine commercial properties representing 475,846 square feet of the 574,547 square feet. The largest owner is Hcre Hung & Chong Real Estate, followed by Olshan Properties and then Chun Min Kwok.
On the tax block, there were two new building construction projects totaling 260,489 square feet. The largest is a 132-unit, 213,270 square-foot residential (R-2) building submitted by Meng Hua Wang and filed by Meng Hua Wang with plans filed April 18, 2018 and permitted July 16, 2021. The second largest is a 44-unit, 47,219 square-foot residential (R-2) building submitted by Wei Chen and filed by Wei Chen with plans filed May 1, 2023 and permitted January 23, 2024.

The majority, or 83 percent of the 574,547 square feet of built space are elevator buildings, with specialty buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Olshan Properties owned at least 14 commercial properties with 1,046 residential units in New York City with 863,793 square feet and a city-determined market value of $124.8 million. (Market value is typically about 50% of actual value.) The portfolio has $467 million in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 98 percent of the 863,793 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Bronx next at 17 percent of the space.

The buyer

The PincusCo database currently indicates that RockFarmer Properties owned at least five commercial properties with 96 residential units in New York City with 172,871 square feet and a city-determined market value of $8.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 172,871 square feet of built space are D6 properties, with walkup properties next occupying 32 percent of the space. They are all located in Queens.

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