Rockrose closes $81M all-cash Brooklyn buy

Elghanyan family firm to develop rental building on the border of Fort Greene and DoBro

New York /
Apr.April 17, 2020 12:06 PM
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose Development paid $81 million in cash to buy a development site in Brooklyn on the border of Fort Greene and DoBro.

Rockrose Development closed on the purchase of a development site in Brooklyn for $81 million, all cash.

The Elghanyan family firm bought the property at 98 DeKalb Avenue, and air rights from an adjacent property, sources told The Real Deal. The plan is to build a rental complex.

With both transactions, the development site has 380,000 square feet of buildable space.

A representative for Rockrose declined to comment.

The seller of 98 Dekalb, the Kotler family, was represented by a JLL team led by Bob Knakal and Stephen Palmese.

The deal is the first major development in Brooklyn for Rockrose, which focuses mainly on large scale projects in Manhattan and Long Island City. The company went into contract on the site last summer.

The property is eligible for Affordable New York, the state’s tax abatement program that replaced 421a, as well as tax breaks under the Industrial & Commercial Abatement Program. A new building would join similar projects that have sprouted up in Downtown Brooklyn in recent years such as the Gotham Organization’s 53-story rental building at 250 Ashland Place and the various buildings at City Point.

Contact Rich Bockmann at [email protected] or 908-415-5229.


Related Articles

arrow_forward_ios
The New School’s Eugene Lang College at 118 West 13th Street and Martin Nussbaum and David Schwartz of Slate Property Group (TNS, Slate)
Slate snaps up New School dorm in Greenwich Village for $23M
Slate snaps up New School dorm in Greenwich Village for $23M
Vornado's Steve Roth and a rendering of 93-30 93rd Street (Getty, JLL)
Vornado looks to sell Rego Park development site for $85M
Vornado looks to sell Rego Park development site for $85M
11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)
Rockrose investment values Nomad office building at $235M
Rockrose investment values Nomad office building at $235M
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
150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)
Children’s Aid Society sells Midtown HQ
Children’s Aid Society sells Midtown HQ
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
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
David Schechtman, Bob Knakal, Peter Von der Ahe
Top I-sales brokers on what to do when there are no deals
Top I-sales brokers on what to do when there are no deals
arrow_forward_ios

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

Loading...