From the NY Times:
ON a recent afternoon the view across Court Square, in eastern Long Island City, Queens, took in an auto body shop and parking lots, and aging factories beyond. The Citicorp Building and other office towers cast shadows across streets. Places to shop were nonexistent.
That view is about to change. The Rockrose Development Corporation has started construction on a 42-story rental tower with 709 apartments that is expected to be among the largest residential developments in the area — and one of the tallest buildings in the borough — when completed in 2013.
The apartments in the tower, which will be called Linc LIC, at 43-10 Crescent Street, will range from 450-square-foot studios to 1,400-square-foot three-bedrooms. They will have parquet floors and “Rockrose standard” flecked granite counters, and in many cases, washers and dryers, said Justin Elghanayan, a principal of Rockrose, which is led by his father, Henry.
The rents will be about 25 percent below those for comparable apartments in Manhattan, brokers say. They average $1,750 a month, for studios, and $4,150 a month for three-bedrooms, or about $38 per square foot.
“I think it’s about to pop,” Justin Elghanayan said of the Court Square area, as he gave a tour of the work site. Indeed, a bustling after-work social scene will be critical to attracting the younger renters whom Rockrose covets, said Mr. Elghanayan, who for similar reasons staged a sort of multiweekend pool party on a lot near his new building last summer. Called the Palms, the party featured three Dumpsters filled with water to splash around in, alongside beach chairs, and beer. “That’s the kind of energy neighborhoods need,” he said.
Mental note: LIC needs more noise and dumbasses serving liquor without a valid license...