Rockrose Development pays $81M for land and air rights in Fort Greene

The Elghanayan family’s Rockrose Development in two transactions paid $80.975 million for three parcels of property as well as air rights from the neighboring One Rockwell Place condominium to develop a new tower in Fort Greene.

In the first transaction, Rockrose Development through the entity Ashland Dekalb LLC paid Robert Kotler’s B.K. Chevrolet F/K/A Barnes-Kotler Ford, Inc. $62 million for 96 Dekalb Avenue, 98 Dekalb Avenue and 104 Dekalb Avenue in Fort Greene. The deal closed on April 16, 2020, and was recorded on April 21, 2020. The transaction consists of 3 parcels, including the tax class primarily three family with store or office (S3) and containing 7 residential units. The parcels along with additional air rights have total development potential of 380,000 square feet.
The average sale price per square foot is $213.

Rockrose signed the contract to buy the site on May 28, 2019.  JLL’s Bob Knakal and Stephen Palmese marketed the property for sale.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $165,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the air rights transaction, Rockrose through its Ashland Dekalb LLC acquired development rights from One Rockwell Place condominium through the entity One Rockwell Place Condominium valued at $19 million for 34 parcels, including the tax class walk-up, residential unit condominium (R2) and containing 32 residential units at 1 Rockwell Place, 1 Rockwell Place, 1 Rockwell Place, 1 Rockwell Place, 1 Rockwell Place, and others in Fort Greene. The deal closed on April 16, 2020 and was recorded on April 21, 2020.

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