709-Unit Luxury High-Rise Opens in Long Island City
- Dec 02, 2013
Manhattan-based Rockrose Development Corporation officially opened its newest signature residential high-rise in the Long Island City neighborhood of Queens, where real estate experts predict a housing boom in the next few years.
Located in Court Square at 43-10 Crescent Street, Linc LIC is one of the tallest and largest structures in Queens, offering 709 luxury rental apartments. The development broke ground in 2011 under plans designed by Avinash K. Malhorta Architects (AKM), with interiors by Moed de Armas & Shannon and Matthews Nielson as landscape architect.
According to DNAInfo.com New York, the developer had been leasing the 42-story tower for quite a while, so as much as 40 percent of the units were already under contract at opening date. With rents ranging from $2,200 for a studio and $4,4750 for a three-bedroom unit, Linc LIC provides high-end amenities such as a tenant lounge on the 31st floor, a fitness center, interior basketball and squash courts, children’s playroom, Wi-Fi lounge and screening room, a roof deck and a green park accessible to residents. There is also an underground parking garage with 175 available spaces. The first floor of the building will be occupied by retailers, which are yet to be named; although DNAInfo.com New York reports that a Food Cellar gourmet grocery store is set to open there in late 2014.
A $155 million investment backed by Wells Fargo, Bank of America, Helaba and Capital One, Linc LIC is the first residential project that Rockrose has completed in Long Island City’s Court Square, an area mostly known as a hub for white collars. A 50-story tower with almost 1,000 apartment units will open in 2016 at 4325 Hunter Street, while a smaller rental tower with 800 units will replace a vacant warehouse at 43-22 Queens Street. Additionally, Rockrose will develop a 100-unit condo building on Crescent Street. The total development costs for the four residential projects are estimated to exceed $750 million.
Images via AKM Architects and Rockrose Development