Search
 

Across the East River, Linc LIC Comes Into Its Own

NEW YORK CITY-As phase one of the 709-unit project continues, Rockrose’s Justin Elghanayan tells GlobeSt.com that the site—and the neighborhood—are at a turning point.

By Jacqueline Hlavenka | Updated on November 22, 2011

NEW YORK CITY-After conquering the Queens waterfront with new multifamily, retail and open space, the developers at Rockrose Development Corp. are now moving their attention to the center of Long Island City’s business district—Court Square. A former industrial block on Crescent Street will soon become the home of latest Rockrose’s latest megaproject, Linc LIC, a 42-story, 709-unit rental apartment tower near the Court Square subway station and the Citigroup Building.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.