By Bill Parry
Construction on the latest Long Island City residential tower can proceed now that Rockrose Development Corp. has finalized a $270 million construction loan for its first 80/20 project outside Manhattan. The superstructure for the 974-unit rental apartment tower complex at 43-25 Hunter St., in the Court Square section, is now 10 stories above ground.
It will be comprised of two adjoining towers, one 14 stories and one 50 stories. Under the state’s 421a tax incentive program, 195 apartments, or 20 percent of the total units, will be set aside as affordable for a period of 30 years for renters earning up to 60 percent of the area median income. .
“We are delighted to do our part for the creation of affordable housing in New York City,” Rockrose President Justin Elghanayan said. “This is Rockrose’s first 80/20 project outside Manhattan. We’re fortunate that Long Island City is becoming such a desirable place to live that the market-rate rents have gotten to the level where the 80/20 program makes sound financial sense.”
The complex’s amenities will include multiple lounges, a yoga room and yoga deck, three other roof decks, a pet-washing station and a health club.
The total development cost of 43-25 Hunter St. is $543 million. Completion is scheduled for late 2017.
For more than two decades, Rockrose has invested in the Court Square district, as well as the Long Island City waterfront. Last August, the company announced the full leasing of Linc LIC, the new 709-unit luxury residential tower at 43-10 Crescent St.
Rockrose is redeveloping the nearby Eagle Lofts complex at 43-22 Queens St., renovating the existing building and converting it to rental apartments. In all, Rockrose plans to construct 2,500 rental units in Court Square and is also seeking restaurateurs and independent retail establishments to create a vibrant new retail strip along the Court Square stretch of Jackson Avenue.
Meanwhile, the New York Economic Development Corp. announced that Boyce Technologies, a designer and manufacturer of mass transit communication systems, will be acquiring a 58,000-square-foot facility in Long Island City. Boyce plans to invest nearly $20 million to purchase, equip and renovate what will be its third facility in Long Island City.
Assistance from the City Industrial Development Agency will allow Boyce Technologies to consolidate its operations, increase capacity to work with other major transit systems, and increase employment by nearly 38 percent.
Reach reporter Bill Parry by e-mail at bparr
