ROCKROSE PLANS A $100M RESI TOWER IN LIC

Feb. 10, 2020 - The Real Deal

Rockrose is planning a new residential project in Long Island City.

The company, run by father and son Henry and Justin Elghanayan, has bought a cab service and dispatch station at 27-34 Jackson Avenue, where it plans to build a second smaller phase to its Eagle Lofts project, according to Crain’s. The new property is next to a 55-story, 790-unit apartment tower that Rockrose finished building two years ago.

The adjacent smaller building will have about 220 residential units and retail space on the ground floor. Development costs should total about $100 million and will connect with and share amenities with the larger tower.

Rockrose has focused heavily on Long Island City in recent years, building a residential tower known as Hayden at 43-25 Hunter Street with almost 1,000 units. The firm also leased retail space next to Hayden spanning almost 2,000 square feet to Tacombi, the taco chain, and it owns a Jackson Avenue building home to the bar and restaurant Dutch Kills.

“We were especially interested in this lot because a building there will really fill out Jackson Avenue, creating more retail space and more of a street life in the neighborhood,” Rockrose President Justin Elghanayan told Crain’s. “In a way, this is filling in a hole on the avenue.”