ROCKROSE’S LINC LIC TOPS OUT

Jun. 21, 2012 - Globe St.

NEW YORK CITY-“It’s all coming together” were the words of Rockrose Development Corp.’s principal Justin Elghanayan inside the company’s most recent multifamily project, Linc LIC, a 709-unit luxury apartment tower in the borough’s burgeoning Court Square neighborhood. Last night, the 42-story multifamily property officially topped out at 454 feet—and GlobeSt.com got an exclusive sneak peak at the progress on-site.

The $155 million project, located at 43-10 Crescent St., is the first phase in a three-part redevelopment for the 1.6 million-square-foot site. It is expected to be completed by spring 2013. “The neighborhood is right at a turning point,” says Rockrose principal Justin Elghanayan, who tells GlobeSt.com that his family began assembling land on the street as early as 1990, a time when the neighborhood was still in transition. “But a lot of different things are coming together,” he says, noting the property’s proximity to seven subway lines, the PS 1 MoMa and new office space like JetBlue at 27-01 Queens Plaza North and CUNY Law School at Two Court Square. “It has so much going for it,” he adds. Construction financing for phase one was arranged by Wells Fargo, Bank of America, Helaba and Capital One.

Rents at Linc LIC will be fairly similar to the buildings that already exist in that neighborhood, Elghanayan says. Studios will start at $1,750; one-bedrooms at $2,450; two-bedrooms at $3,350; and three-bedrooms at $4,150.

Although it’s still raw, the 30th floor of the building will feature a tenants-only lounge and roof deck with Manhattan views. In addition, the building will include amenities such as a basketball court, squash court, a double-height health club, a game room, a screening room and a coffee lounge.

Linc LIC (located at 43-10 Crescent St.) is phase one in a three-part redevelopment of a 1.6 million-square-foot site owned by Rockrose. Elghanayan tells GlobeSt.com that the company plans to develop two additional parcels with another 1,000-plus luxury units several years from now.

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