Rising Developers preps 40-unit condo project in LIC

Aug.August 23, 2013 09:32 AM

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.

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.”

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