Rockrose lands $255M in construction financing for 790-unit LIC tower

Bank of America lends on project at site of former Eagle Electric warehouse

TRD NEW YORK /
May.May 04, 2017 12:50 PM

From left: Renderings of 43-22 Queens Street Henry and Justin Elghanayan

Rockrose Development secured $255 million in construction financing for its planned 54-story apartment tower at the former Eagle Electric building in Long Island City.

Bank of America provided the loan for the site at 43-22 Queens Street in The Queens Plaza section of the neighborhood, property records filed with the city Thursday show.

Representatives for Rockrose and Bank of America were not immediately available for comment.

Rockrose TRData LogoTINY, one of the most active developer in Long Island City, bought the site a the end of 2012 for $48 million, and filed plans to construct a 700,000-foot-tall, 790-unit apartment tower on the site at 43-22 Queens Street in July 2014.

About a year later, however, the lucrative 421a property-tax exemption expired briefly in the summer of 2015 as lawmakers grappled to hammer out an extension deal, and by January 2016 the program had permanently lapsed – putting a freeze on rental projects across the city.

It wasn’t until last month that Albany passed a replacement program – rebranded as “Affordable New York” – and rental projects that were put on hold have started to see new life

The Durst Organization, for example, has restarted phases of its massive Hallets Point project in Astoria. Durst filed plans last week for two more mixed-use buildings at the site with a total of 652 units.

(To view more large condominium buildings in Long Island City, click here)


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)

Ceruzzi Properties secures $350M to refi Midtown East tower

Denizen Bushwick at 54 Noll Street (Credit: iStock, Google Maps)

All Year closing in on $675M refi for Rheingold Brewery development

Denizen Bushwick at 54 Noll Street (Credit: Google Maps, iStock)

A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit?

CrowdStreet CEO Tore Steen (Credit: iStock)

CrowdStreet hits $1B milestone, crowdfunding firm claims

Greystar CEO Bob Faith and the Parkside Place Apartments in Cary, North Carolina (Credit: Greystar and Apartments)

What Greystar’s belief in multifamily says about the health of the economy

arrow_forward_ios
Loading...