Plans for a new residential space in Long Island City (L.I.C) were filed with the department of buildings which means opportunities to take a piece of the hot NYC real estate market. The Rockrose Development Corp is projected to have 123 apartments in an 18 story building conveniently located near the Court Square train station in L.I.C.
The new building will be across the street from their other project, The Hayden, a lux apartment complex which was completed in 2017 and is currently renting apartments. The edifice is proposed to have a roof deck, a lounge an exercise room as well as a significant amount retail space that will further convenience their residents. It is currently unclear if the new building will be rentals or sales, at this point but either way, the idea is for it to contribute to the economy of the neighborhood. The average rent rates in queens are about $2895, based on data from OLR the New York version of the MLS, and new developments fetching upwards of $3k a month where as new development sales in Queens average just under 1 million per apartment in Feb of 2017, According to The Real Deal (TRD) analysis of Department of finance recorded condo sales.
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