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.
NEW YORK | 180 Ashland Place (98 DeKalb Avenue) | 610 FT | 49 FLOORS
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