Rising Developers preps 40-unit condo project in LIC

From left: Rendering of 42-60 Crescent Street and the garage now on the site
From left: Rendering of 42-60 Crescent Street and the garage now on the site

Rising Developers Group has plans to build a 10-story mixed-use project at 42-60 Crescent Street in the Hunter’s Point section of Long Island City, the company told The Real Deal.

The Long Island City-based developer intends for the 48,000-square-foot structure to have 40 market-rate condominiums – mostly three-bedroom units – and one 1,200-square-foot retail unit. Apartment sizes will range from 700 square feet for a one-bedroom to 1,700 square feet for a lone four-bedroom penthouse.

“We’re targeting families who are outgrowing their one- or two-bedroom homes,” said Rising’s general partner Joseph Palumbo.

Although the company has not yet filed a proposal with the Department of Buildings, it plans to start construction in November, with pre-sales expected to launch next spring, according to Palumbo. The developer has not yet determined pricing.

Juan “Rick” Rosa of Douglas Elliman’s Long Island City office is heading up marketing.

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Rising partner Joseph Escarfullery will serve as architect. Amenities will include a second-floor children’s center, a gym, parking and rooftop access. Also, the condos are being billed as 421-a tax abatement eligible, an increasingly rare perk in the neighborhood.

The $22 million project will involve demolishing the one-story garage sitting on the lot. Rising and its equity partner, Stonecutter Capital Management, jointly received $16.4 million in construction financing from a local bank, according to Meridian Capital Group, which arranged the loan. Stonecutter also provided $5.7 million in equity, Meridian said in a statement.

Rising and Stonecutter both purchased the property last month for $7.8 million from 42-60 Crescent Street Associates LLC, city property records show. Rising was behind three other projects in the city, including the Solarium at 5-43 48th Avenue and the Prestige at 5-04 50th Avenue, both in Long Island City. The group sold those two during the recession.

“That was not a happy time,” Palumbo said. “We feel this will be better timed.”