Rockrose paid $48 million for the former Eagle Electric building at 43-22 Queens Street, which measures 320,000 square feet. The seller was an affiliate of Brooklyn-based Kraupner Group, and the deal closed Dec. 14, according to city records. CBRE Group Senior Vice President John Reinertsen represented the seller.
The developer will tear down part of the six-story building and create a tower reaching up to 30 stories on the site. Over half of the project must be new construction for tax purposes, Rockrose president Justin Elghanayan told The Real Deal: “There are a lot of interesting architectural possibilities of combining the old with the new, which is very much in the spirit of Long Island City.”
Rockrose’s other two Court Square projects are 709-unit rental Linc LIC at 43-10 Crescent Street, which is almost completed, and a 975-unit apartment tower at 43-25 Hunter Street. The Hunter Street development is in the pre-construction phase.
The rents at 43-22 Queens have yet to be announced, but Elghanayan said they would be comparable to the rates at Rockrose’s other projects, with about $1,800 for a studio, $2,600 for a one-bedroom and $3,400 for a two-bedroom.