May 21, 2013 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.
What about open space? Park space? It seems to be just construction after construction without a thought about the quality of life in these areas. People need space to have a picnic, go for a walk/run, play with their kids etc. Can there not be some way of demanding the creation of such space before adding such huge quantities of people to an area such as this. Real planning for the good of all is needed in this city.
RI. Nearly everything that was available has been rented. You have no idea what your talking about. You couldn’t be more wrong. There are another 10,000 units coming Online in the next 36 months and we anticipate the need for much more than that. They will all be occupied within 6 months of after they are finished. Based on our latest research we can rent and or sell at least another 50 to 80 thousand units if we could acquire enough land to build that many units. LIC prices are not anywhere near manhattan prices when comparing equal properties of the same, quality, size and a amenities. Please get your facts straght before comennting. The LIC is extremely low. There is almost nothing available.
Over development has burned me out. Enough already. Rich people, go away and leave us alone. Your luxuries make me tired.
Rockrose in LIC has very large trouble in renting their apts. Most apts. are vacant. The prices are equal to Manhattan rental prices. Not really an incentive to rent from Rockrose, or other high-rises in LIC. Not affordable housing for most in today’s real estate market. LIC is like a ghost town. No renters or buyers in these high rise apts.
how many more building are going to be shoved down our throats??? out of this world rents – more people crammed onto the 7 train – more hipsters to proclaims LIC all theirs! ugh get me out of here!!!!
Just noticed that their rendering doesn’t seem to show all the new buildings on the water. Funny
My worry is all of us fitting on the subway in the morning.
Little by little our skyline of New York will disappear …
….Affordable housing in this area would be more welcome …..
What will market rent be?