Aug. 25, 2014 By Christian Murray
Rockrose Development announced Monday that its 709 unit luxury tower–Linc LIC–has been fully leased and that construction is on track for its larger projects nearby.
The real estate giant, which has some ambitious plans for the Court Square area, took about a year to fill the 43-10 Crescent Street complex—which most real estate experts viewed as fast.
Rockrose viewed the development as a success, which it said endorsed its long-held view that Court Square is an area where many people want to live.
“We are thrilled to celebrate the rapid lease-up of Linc LIC, the first large-scale rental building in Court Square to reach full occupancy,” said Justin Elghanayan, president or Rockrose, in a statement. “The development of Linc LIC was a true test of the Court Square.”
The company said that the rental prices in the 42-story complex started at $2,200 for a studio and $4750 for a three-bedroom. The building—like most luxury towers– offers several high-end amenities, such as a fitness center, a movie screening room and a duplex lounge located on the 31st floor, with an outdoor deck and lawn.
Rockrose said it has started construction on a 50 story mixed-used development at 43-25 Hunter Street, which will include 974 rental units and 19,400 square feet of ground floor retail. That complex is scheduled to be completed in 2017. Work began in July.
A third project is in the works at the site of the former Eagle Electric manufacturing site at 43-22 Queens Street. Rockrose plans a 54-story tower with 783 rental units by converting the original space into apartments as well as adding an additional structure. The company said 80% of the factory will be preserved.
Meanwhile, there are plans farther down the line for a 100-unit building — possibly condos — on a lot on Crescent Street near Linc LIC.