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Old Posted Jan 9, 2013, 7:25 PM
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Another highrise development built over an old factory...


http://www.rew-online.com/2013/01/09...-for-lic-site/

Luxury planned for LIC site




By REW Staff
January 9, 2013

Quote:

Rockrose Development Corp. has purchased the former Eagle Electric factory and office building in Long Island City, Queens, and has plans to renovate the existing structure and erect a 700-unit high-rise luxury residential rental tower above it.

The six-story property, located at 43-22 through 43-46 Queens Street, occupies a half-block bounded by Queens and Dutch Kills Streets. In the summer of 2001, New York City rezoned the property to permit residential, commercial or retail use. The property comprises 520,000 buildable square feet.

Justin Elghanayan, Rockrose president, said, “Preserving Long Island City’s rich history — and that of the building itself — is a priority, while we simultaneously add fabulous housing stock to the community.”

Elghanayan said the company will follow preservationist concepts with the development of the Eagle Electric building.



http://therealdeal.com/blog/2013/01/...-tower-in-lic/

Quote:
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.
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Last edited by NYguy; Jan 9, 2013 at 8:21 PM.