SO you’re looking for a long term relationship are you? Well Long Island City has one with the Elghanayan family and the love-fest continued in the past week as both Rockrose and TF Cornerstone announced their latest development plans for the neighborhood. The former is a 19-story, 300-unit tower in familiar territory for this branch of the family on Queens Street just off Jackson Avenue. For most a building this size would be a gargantuan meal, but for Rockrose it’s a mere appetizer in their menu. The only detail I found surprising was their supposedly only paying $13 million for the lots as it seems like a low price to pay for land that can house a building this big.
More interesting was TF Cornerstone’s plans for the City Harvest site they purchased a week before the Amazon announcement. Located at the southern tip of Hunters Point, it will contain a pair of 34 and 39 story towers that will hold 1,400 units. Massive yes, but all in a days work for TF. For comparison-sake they paid $285 million for the lot in late 2018, which while definitely not a good apples to apples comparison with their brethren at Rockrose, seems more in line for tower locations.
Of greatest interest, are the implications of the TF Cornerstone’s announcement, as shortly after the land purchase they floated a master rezoning of the whole southern tip that would have included a redecking of the nearby LIRR Train Depot adjacent to Borden Avenue. Given the current political climate it seems they chose a more straightforward path. I guess even the Elghanayans have some sort of time constraints.
Rockrose Continues LIC Expansion With 300-Unit Tower – why that’s practically a single-family home for the Elghanayan’s
Mixed Use Proposal For LIC Plot Would Have a Waterfront Pool And Oyster Beds – there’s reality like above, and fantasy, like here. But I do like oysters