Saturday, January 5, 2013
700-unit building planned for Court Square
From The Real Deal:
Midtown-based Rockrose Development plans to develop an approximately 700-unit rental building at the former Eagle Electric building in Long Island City. It is the firm’s third major rental project launched in the neighborhood’s Court Square section since 2007. Combined, the three buildings will have nearly 2,400 units when completed.
The development firm paid an affiliate of the Brooklyn-based Kraupner Group $48 million for 43-22 Queens Street, a 320,000-square-foot industrial building that was one of at least a half dozen large properties once owned by the Eagle Electric Manufacturing company, city records show. The Real Deal reported the sale last week but at the time the identity of the buyer was shielded behind a limited liability company. The deal went into contract in September and closed on Dec. 14, the documents show.
Rockrose plans to demolish a portion of the six-story building, located between Queens and Dutch Kills streets, and the Sunnyside rail yards. On the existing building’s current footprint, Rockrose also plans to construct a modern tower of up to 30 stories using the 200,000 square feet of additional air rights.
For tax reasons, more than 50 percent of the project, which has development rights of 520,000 square feet, needs to be new construction, Justin Elghanayan, Rockrose’s president, said. “There are a lot of interesting architectural possibilities of combining the old with the new, which is very much in the spirit of Long Island City,” Elghanayan said. He added, “It is very rare to have a rental loft building,” because most are converted to condominiums.