LIC to get Toby’s Estate Coffee, new eateries

Rockrose inks deals with several new retail tenants on Jackson Avenue

TRD New York /
Apr.April 18, 2016 01:50 PM

Long Island City has long been in a retail rut, as leasing fails to keep pace with the construction of residential towers in areas such as Court Square. But there now appear to be changes on the horizon.

Rockrose Development has wooed several new retail tenants for a string of Buildings The Company Owns Along Jackson Avenue in Court Square, include Toby’s Estate Coffee, the Aussie roastery known for its communal tables. 

Toby’s, which has locations in Manhattan and in Brooklyn, just inked a deal at 26-25 Jackson Avenue, an old industrial building, Elghanayan told The Real Deal. The 1,000-square-foot location will be Toby’s first in Queens.

Rockrose also signed on Levante, a new pizza-centric eatery that will open in a 950-square-foot space at 26-21 Jackson Avenue and will also have an outdoor space.

The third tenant on Rockrose’s roster is a Japanese eatery helmed by Carlos Calle, the chef from Sapporo East, a longtime East Village staple. The 2,000-square-foot space, at 27-24 Jackson Avenue, is next to craft cocktail lounge Dutch Kills bar.

The first two tenants were lured in by the quirky industrial architecture of their spaces, which had their innards ripped out by Rockrose, leaving triple-height ceilings.

“Often, the best retail plays off the existing architectural spirit of a place,” said Justin Elghanayan, president of Rockrose. The firm is developing several residential towers in the neighborhood, including the Hayden, a 50-story rental building at 43-25 Hunter Street, which is slated to top out this week.

While residents have been moving into thousands of new apartment building in Long Island City, the surrounding area is still desolate when it comes to retail activity.

Commercial rents in the neighborhood have a wide range, from about $45 to $75 per square foot, sources previously told TRD, With The Priciest Spaces Located On Vernon Boulevard, and the most affordable in The Queens Plaza area.

Asking rents for the Jackson Avenue spaces were approximately $60 a foot, Elghanayan said.

“There are still a lot of retailers that are like, ‘Long Island City? Where the hell is that?’ ” Matthew Baron, president of Simon Baron Development, told TRD last year.

Amber Jacobsen, co-owner of Toby’s in New York, said the company seeks out areas on the cusp of transformation.

“We moved to Williamsburg in a similar circumstance before the retail came in,” she said. “We like Long Island City because it’s so close to the city and we really felt it was underserviced in the coffee market.”


Related Articles

arrow_forward_ios
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Rockrose Development President Justin Elghanayan and 98 DeKalb Avenue in Brooklyn

Rockrose’s new Brooklyn skyscraper will rise 47 stories

Rockrose’s new Brooklyn skyscraper will rise 47 stories
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose closes $81M all-cash Brooklyn buy

Rockrose closes $81M all-cash Brooklyn buy
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Rockrose’s $350M haul tops March list of outer-borough loans

Rockrose’s $350M haul tops March list of outer-borough loans
27-34 Jackson Avenue and Rockrose's Justin Elghanayan

Rockrose plans a $100M resi tower in LIC

Rockrose plans a $100M resi tower in LIC
Renderings of 555 West 38th Street and Rockrose Development's Justin Elghanayan (Credit: Rendering by Pelli Clarke Pelli)

Rockrose lands $255M in financing for Hudson Yards project

Rockrose lands $255M in financing for Hudson Yards project
The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Rockrose is moving into Brooklyn
Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal

Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal

Rockrose paves the way for Hudson Yards rental tower with $20M air rights deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...