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.
11 comments:
Rental building? Tell me that doesn't show the weakness of the LIC market - they took a real body blow with the storm.
Next to a rail yard - oh boy, instead of Jimmy Van Bramer showing up in his suit officiously pontificating that the hipster tennants are being kept awake by building next to a ..... um a rail yard, maybe he can do something useful with his office and show up to tell them that is a bad place for housing and it will make city services jump the line once again putting his old neighborhood where he grew up (and the rest of Queens for that matter) at the tattered end for services.
But of course, he will not.
Well needed Construction jobs! This city is constantly progressing. NYC is like a shark if it stops moving forward it dies
How exactly is erecting another apartment building in LIC considered progress?
Most of the buildings rockrose builds are rental, just like the Avalon group which builds they're buildings near water(Hoboken,LIC, Marina Del ray,etc..)
Also most of the High rises on the water are rental.The condo availability is limited. Developers prefer rentals .It gives them more control and makes them more money with less aggravation .
Having condos in the area would actually benefit the area. It would have new residents with a vested interest in the neighborhood and it quality of life and progress.
Peace.
Anon No. 1:
And I'm waiting for the demand to stop running the subway though the area because of the noise as well!!!
Dad must have settled his 1 billion dollar divorce lawsuit with his ex-wife and got cleaned out...so now his son Justin takes the helm at Rockrose.
Rockrose was the firm that had big problems with pollution (stinking gas or oil residue) at their waterfront Queens West building near the Pepsi Cola sign a few years ago.
That's a lot more people to pack into the subway!
Why not construct a causeway over the East River and build on that too? That way people can just walk to their jobs in Manhattan.
Eagle Electric? Perfection is no accident. Like so many companies that could have remained in Queens - taxed and regulated out of existence.
The site is in a noisy industrial area with no retail, schools, or other necessities of a residential area. Why not put that stupid soccer stadium there?
The site is in a noisy industrial area with no retail, schools, or other necessities of a residential area.
Dont worry they will. The can tax the rest of Queens for infrastructure to make a developer rich.
Anyone dumb enough to buy into this crap, deserves to get screwed somewhere down the line...which will most certainly happen in the near future.
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