NEW YORK | 180 Ashland Place (98 DeKalb Avenue) | 610 FT | 49 FLOORS
Rockrose closes $81M all-cash Brooklyn buy
Elghanyan family firm to develop rental building on the border of Fort Greene and DoBro
Quote:
Rockrose Development paid $81 million in cash to buy a development site in Brooklyn on the border of Fort Greene and DoBro.
Rockrose Development closed on the purchase of a development site in Brooklyn for $81 million, all cash.
The Elghanyan family firm bought the property at 98 DeKalb Avenue, and air rights from an adjacent property, sources told The Real Deal. The plan is to build a rental complex.
With both transactions, the development site has 380,000 square feet of buildable space.
A representative for Rockrose declined to comment.
The seller of 98 Dekalb, the Kotler family, was represented by a JLL team led by Bob Knakal and Stephen Palmese.
The deal is the first major development in Brooklyn for Rockrose, which focuses mainly on large scale projects in Manhattan and Long Island City. The company went into contract on the site last summer.
The property is eligible for Affordable New York, the state’s tax abatement program that replaced 421a, as well as tax breaks under the Industrial & Commercial Abatement Program. A new building would join similar projects that have sprouted up in Downtown Brooklyn in recent years such as the Gotham Organization’s 53-story rental building at 250 Ashland Place and the various buildings at City Point.
Rockrose’s new Brooklyn skyscraper will rise 47 stories
Project will span 418K sq. ft. and have 609 apartments
MARY DIDUCH
APR 22, 2020
Quote:
Rockrose recently filed an application for the development at 98 Dekalb Avenue with the city’s Department of Buildings, a few days after closing on the site in an $81 million, all-cash deal.
Justin Elghanayan, Rockrose’s president, did not immediately respond to a request for comment.
Spanning a little more than 418,000 square feet, the project will have 609 apartments and retail on the first floor, according to the filing. The architect of record is SLCE Architects.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Good height. I just hope it's not as bland as some of those towers.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Foundations Underway For 49-Story Skyscraper At 98 DeKalb Avenue In Fort Greene, Brooklyn
Quote:
Excavation and foundation work are moving along at 98 DeKalb Avenue, the site of a 49-story residential skyscraper in Fort Greene, Brooklyn. Designed by SLCE Architects and developed by Rockrose Development, the 610-foot-tall structure will yield 418,092 square feet with 609 residential units and 3,775 square feet of commercial space. 180 Ashland GC LLC is the general contractor for the project, which is alternately addressed as 180 Ashland Place and located at the corner of DeKalb Avenue and Ashland Place.
Crews had just broken ground at the time of our last update in December. Since then, the project has descended well above street level with several excavators and piling machines at work on the site. Recent photos show the foundation walls beginning to be formed on the southern end of the lot, with numerous sections of steel rebar protruding around the perimeter in preparation for subsequent concrete pours. YIMBY expects the foundations to take shape throughout the rest of 2023, with construction potentially rising above street level before the year is out.
The nearest subways from the property are the B, Q, and R trains at the DeKalb Avenue station and the G train at the Fulton Street station.
98 DeKalb Avenue’s anticipated completion date is scheduled for the fall of 2025, as noted on site.
NEW YORK | 180 Ashland Place (98 DeKalb Avenue) | 610 FT | 49 FLOORS
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