Rockrose Development Corp. has purchased the former Eagle Electric factory and office building in Long Island City, Queens, and has plans to renovate the existing structure and erect a 700-unit high-rise luxury residential rental tower above it.
The six-story property, located at 43-22 through 43-46 Queens Street, occupies a half-block bounded by Queens and Dutch Kills Streets. In the summer of 2001, New York City rezoned the property to permit residential, commercial or retail use. The property comprises 520,000 buildable square feet.
Justin Elghanayan, Rockrose president, said, “Preserving Long Island City’s rich history — and that of the building itself — is a priority, while we simultaneously add fabulous housing stock to the community.”
Elghanayan said the company will follow preservationist concepts with the development of the Eagle Electric building.
The selling price of the property was not disclosed. Rockrose entered negotiations with the seller when a transaction failed with a previous prospective buyer.
John Reinertsen of CBRE represented the seller and Patricia Dunphy, senior vice president, represented Rockrose in-house.