Page 8 - Rockrose Development News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Share via Shortlink From top: 355 Exterior Street in the Bronx, 55-15 Grand Avenue in Queens and 700 Atlantic Avenue in Brooklyn (Google Maps) Planning a new development project in New York City is not for the faint of heart, but some builders remained undeterred in 2020 — even in the face of the Covid-19 pandemic, as well as rising anti-development sentiment. This year saw the defeat of the Industry City rezoning, which would have transformed Sunset Park, as well as the Olnick Organization’s Lenox Terrace expansion. There was a near-miss with the Special Flushing Waterfront Distr...

Rockrose is run by the father and son team of Henry and Justin Elghanayan, and its other residential properties in Long Island City include Linc LIC at 43-10 Crescent St. and Hayden at 43-25 Hunter St. The company also purchased 27-34 Jackson Ave. for $26 million in February, shortly before the pandemic upended the city’s real estate market. Although the pandemic has hit New York apartments hard across the board, Long Island City has been feeling its impact especially strongly. Rents are dropping at their highest rate in more than four years, and the market share of landlords offering conc...