The Real Deal New York

Court Square booms with residential development

Nine noteworthy new projects in the hot Long Island City nabe

August 08, 2014 03:34PM
By Claire Moses

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Court Square and its immediate surroundings in Long Island City are booming with residential developments. Over the coming years, thousands of units — both rental and condo — are slated to come online in the area.

Proximity to the city, multiple train lines and less than a ten minute ride to Midtown East – as well as slightly lower prices – are adding to the area’s appeal. The possibility for ground-up development is creating an entirely new neighborhood.

Rockrose Development’s Justin Elghanayan – a pioneer in the area  – predicted that the area will be booming with residents in roughly five years. Eventually, Rockrose will have about 2,500 units in Court Square. Other projects in the neighborhood – more than this list – are adding approximately 5,000 units.

Rockrose also brought the first big retailer to the area. This fall, Food Cellar – a high-end supermarket which also has a location on the Long Island City waterfront – is opening on the ground floor of the firm’s LINC LIC luxury rental on Crescent Street.

Most of the units in this development boom are rentals, which, in turn, should spur more condo development in the area, Douglas Elliman broker Rick Ros predicts. Many of those who are renting in Court Square now, he said, will buy in a few years. The same thing happened on the waterfront in Queens, Rosa noted.

According to Modern Spaces’ Q2 market report, there has been a continued rise in prices on the sales side of the market. At the same time, units themselves are becoming smaller. In the resale market, according to the report, prices are reaching $1,500 a square foot in Long Island City.

“I live in Court Square,” said Eric Benaim, the founder of Modern Spaces, which does a lot of marketing in the area. “You’re seeing a city being built over here.”

LINC LIC at 43-10 Crescent Street

LINC LIC at 43-10 Crescent Street

1. LINC LIC – 43-10 Crescent Street
Developer: Rockrose Development
This 42-story, 709-unit residential development opened in November 2013 and is almost fully leased, according to developer Justin Elghanayan. The tower, which includes a roof deck with views of both Manhattan and Queens as well as a gym, squash courts and a basketball court, is one of multiple projects he is developing on behalf of Rockrose in the Court Square area, totaling roughly 2,500 units. Food Cellar, a high-end grocery store, is slated to open up on the ground floor of the building.

2. 43-25 Hunter Street
Developer: Rockrose Development
Roughly 400 feet from LINC LIC, Rockrose will build another large residential development at 43-25 Hunter Street. The development will house 974 apartments – this too will be a rental building, said Elghanayan – and with 50 stories it would be the second tallest in the area. The project includes 19,400 square feet of retail space. With all the developments in the area – and the addition of at least 7,500 new units – Elghanayan said he expects retailers to flock to the neighborhood as well.

3. 44-30 Purves Street
Developer: Brause Realty
This 270,000-square-foot rental building will have about 250 rental units, with an expected completion date of 2015. Brause bought the site for $17.2 million last year, and also owns Long Island City’s 700,000-square-foot 1 Metlife Plaza, which it bought in a foreclosure auction.

Feng shui lobby at the Vista at 44-15 Purves Street

Feng shui lobby at the Vista at 44-15 Purves Street

4. 44-15 Purves Street, the Vista
Developer: Emmy Homes and Lions Group
Modern Spaces recently sold out this 48-unit, feng shui-designed, 15-story tower. (The building doesn’t have a fourth floor, since four is an unlucky number in Chinese.) The Vista is among hundreds of units that Modern Spaces is marketing in the area, said Eric Benaim, the founder and president of Modern Spaces. Prices for units in the building range from roughly $400,000 to just shy of $900,000.

5. 42-44 Crescent Street
Developer: Andy Ho
Permits were recently filed for this 15,338-square-foot building on the neighborhood’s busiest street. The residential development will be eight stories and 92 feet tall. The new development will house 12 condos spread out over 10,435 square feet of residential space. The property includes a ground level retail space.

6. 23-01 42nd Road
Developer: Property Markets Group
PMG is constructing a 410-unit rental building on this site, which is a combination of two lots: a 14,920-square foot lot at 23-01 42nd Road and a 27,000-square-foot lot at 23-10 Queens Plaza South. PMG bought the property for $37 million in 2013 from the Kraupner Group. The development will be divided between two buildings: one building that will hold 110 units and a 28-story tower with 300 residential units.

7. 45-46 Pearson Street
Developer: L+M Development
The Pearson Court Square, a 15-story building, includes 197 units. The building was designed by CetraRuddy and includes luxury amenities such as a gym, a doorman and high ceilings in the units. As with Brooklyn’s 388 Bridge Street, wind turbines located on top of the structure will help provide power to the building. L+M took control of the site after it hit the foreclosure block in 2012.

Renderings of the new development coming to the former 5 Pointz location

Renderings of the new development coming to the former 5 Pointz location at 22-44 Jackson Avenue

8. 22-44 Jackson Avenue (5 Pointz)
Developer: David and Jerry Wolkoff
Two towers – one 41 stories tall, the other 47 – will rise at the site of the former graffiti artists’ haven with a total of about 1,000 apartment units. The development will include 210 affordable units as well as 20 artist studios that will take up roughly 12,000 square feet. The north tower will include retail space. The existing structure at the site is scheduled to be demolished in October.

9. 25-19 43rd Avenue
Developer: Ekstein Development
Ekstein is building a nine-story, 68,145-square-foot development at this site, which will house 86 condominiums. A parking garage for 17 cars as well as bicycle storage, a gym and a resident lounge are some of the project’s amenities. This new building will stand on four combined lots, which the developer bought for $13.3 million last December.

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