May 21, By Bill Parry
Rockrose Development Corp. is expected to break ground on the tallest residential building in Queens later this year.
The company plans to build a 50-story tower in the Court Square area (43-25 Hunter Street) comprised of 975 units. No other building in Queens has this many units.
Rockrose President Justin Elghanayan has dubbed the firm’s latest project “Citigroup Tower’s Girlfriend” because of its proximity to the famous Court Square landmark. Seven dilapidated warehouses will be demolished to make way for the new project that is expected to be completed in 2016.
The building will be 907,000-sq feet, of which 30,000 sqf. will be dedicated to amenities including rooftop decks, library rooms and even a full court basketball court.
The company said that 80% of the rental units will be market rate while the remaining 20% will be affordable units.
Demolition of the 7 warehouses will create a 47,800-sq foot lot. Those buildings that will be demolished include: 25-25 44th Drive; 43-25, 43-15, 43-11 and 43-09 on Hunter Street; and 27-02 and 27-06 on 43rd Avenue.
The cost to construction new tower is estimated to be in the $400 million range.
Meanwhile, this summer, Rockrose will begin leasing its 709-unit Linc LIC, which is also in Court Square.