Rockrose Development pays $26M to Cab Management Corp. for development site in Long Island City

Rockrose Development through the entity 27-34 Jackson L.L.C. paid James Vasey’s Cab Management Corp.’s Cab Management Corp. $26.0 million for 27-34 Jackson Avenue in Long Island City. The deal closed on February 7, 2020, and was recorded on February 13, 2020. The transaction consists of 1 parcel, including the tax class garage with two or more stories (G1). The property is 3,137 square feet. The parcel(s) have total development potential of 75,237 square feet, according to an estimate by PincusCo.
The average sale price per square foot is $346.

Rockrose expects to spend as much as $100 million to develop a rental tower at the site, which is adjacent to its Eagle Lofts tower, according to Crain’s.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link