Long Island City

Developer Rockrose will build a 500-foot tower in Long Island City that will become the tallest residential building in Queens, the Observer reported. The bulding, at 43-25 Hunter Street, will have 975 residential units and is expected to break ground in the fourth quarter of this year. The total cost of the project is an estimated $400 million. The new building is close to the existing Citigroup Building at One Court Square, prompting Rockrose executive Justin Elghanayan to dub it Citigroup’s “girlfriend.” Seven warehouses will be demolished to make room: 25-25 44th Drive, 43-25, 43-15, 43-11 and 43-09 Hunter Street, as well as 27-02 and 27-06 43rd Avenue. Rockrose is also opening new residential properties at Linc LIC in Court Square and Eagle Loft at 43-22 Queens Street. TF Cornerstone, which is owned by other members of the Elghanayan family, is developing its own Long Island City portfolio near the waterfront.

Rendering via Rockrose / Observer

This post has been updated: Rockrose’s new building would be the tallest residential building in Queens, not the tallest overall.

There’s a public hearing on Wednesday, May 22 regarding developer David Wolkoff’s redevelopment plan for 5Pointz, the graffiti-clad art mecca in Long Island City. Wolkoff plans to demolish the current structure and building two residential towers. Note that Wolkoff is able to demolish the building under the existing zoning – he just needs routine Department of Buildings permits – but the Community Board does have a say in the redevelopment plan for the project, which is calling for an upzoning.

As the Long Island City Post reports, Wolkoff is seeking a total of 980,000 square feet among the two buildings, which would have 1,000 market-rate rental units. He’s proposing 30,000 square feet in public space to appease the community. The meeting is at 7 pm at MoMA PS1 at 22-25 Jackson Avenue, right next to 5Pointz itself.

Photo from Gearfactory

Curbed reports that new Long Island City condo Five27 has launched sales. The property, at 5-27 51st Street, has prices from $440,000 to $950,000. Amenities include a gym, roof deck and bike storage. Brokerage Modern Spaces is handling sales. We’ve reached out for more information, stay tuned. Check out an additional rendering on the jump…
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It’s been a long time coming (what with the CUNY drama and all) but the residential development at 5-11 47th Avenue is showing real signs of progress: portions of the facade are already bricked up and, as you can see from the photo of the rear of the building on the jump, some windows are even in. According to one of those snazzy “What’s Going On Here?” posters affixed to the work shed, the 12-story project will include 188 apartments as well as a community center, lounge and gym when all is said and done. Who needs a gym though when you’re living across the street from such a beautiful soccer field?