Across the East River, Linc LIC Comes Into Its Own

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.