ROCKROSE’S JUMBO RENTAL BUILDING IN COURT SQUARE FULLY LEASED

Aug. 22, 2014 - The Real Deal

Rockrose Development’s Linc LIC — the 709-unit, 42-story rental in Long Island City — is fully leased.

It’s the first building of this scale to be fully leased in the area, Rockrose President Justin Elghanayan told The Real Deal. It took the firm a little more than a year to lease all the units in the building, located at 43-10 Crescent Street.

“This proves out this area,” said Elghanayan.

The building has studios starting at $1,900 a month. A penthouse studio with tall ceilings goes for $2,600. One-bedrooms in the building range from $2,800 to $3,300, while a three-bedroom has been leased for $6,500 a month. On average, residents are paying more than $50 a square foot.

“That’s a lot of money,” Elghanayan said.

Rather than looking for a cheap alternative to Manhattan, home seekers now look at Long Island city as a desirable location, Elghanayan said.

A regular one-bedroom, though, is still about 20 percent cheaper than its equivalent in Manhattan.

The success of the Rockrose building could well bolster the rest of the Court Square neighborhood, where residential developments are booming. While Linc LIC is the largest building to lease out, it’s not the only property in the area where there are no vacant apartments. Heatherwood Communities’ 27 on 27th — a 145-unit building — is also full. Next door, Heatherwood is building the borough’s tallest residential tower.

Food Cellar, a high end grocery store, has leased space on the ground floor of Linc LIC. The store is expected to open in the first quarter of 2015.