Rockrose signs $105M construction loan for nearly complete 301-unit project in LIC
27-34 Jackson Avenue (Credit - Cyclomedia)
Rockrose Development through the entity 27-34 Jackson L.L.C. as borrower signed a new construction loan with lender Wells Fargo valued at $105 million for the development building (V1) at 27-34 Jackson Avenue with an alternate address of 43-14 Queens Street in Long Island City, Queens.
On the lot, there is one active new building construction project, 421133623, for a 301-unit, 771,262 square-foot R-2 building. The project was submitted by Rockrose Development and filed by Peter Donohoe with plans filed December 14, 2020 and permitted July 26, 2022.
The loan closed on August 15, 2024 and was recorded on August 26, 2024. The building project has 771,262 square feet of planned built space according to a PincusCo analysis of city data. The loan price per foot by the buildings plans is $136 per foot, according to the PincusCo analysis.
The owner bought the property on November 18, 2020, for $13 million. The signatory for Rockrose Development was Richard A. Brancato. The building is mostly complete.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received five DOB violations, $23,780 in ECB penalties, and $24,980 in OATH penalties in the last year.
The neighborhood
In Long Island City, The bulk, or 32 percent of the 60.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Long Island City has 4.1 times the average amount of major developments relative to other neighborhoods and is the highest in Queens. It had 4.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 712,050 square feet of the 738,932 square feet. The two identified owners are Rockrose Development and LIRR.
On the tax block, there was one new building construction project filed totaling 771,262 square feet. It is a 301-unit, 771,262 square-foot residential (R-2) building submitted by Rockrose Development and filed by Peter Donohoe with plans filed December 14, 2020 and permitted July 26, 2022.
The majority, or 96 percent of the 738,932 square feet of built space are elevator buildings, with mixed-use buildings next occupying 1 percent of the space.
The borrower
The PincusCo database currently indicates that Rockrose Development owned at least 32 commercial properties with 5,562 residential units in New York City with 6,291,407 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $2 billion in debt, with top three lenders as Wells Fargo, MetLife, and Deutsche Pfandbriefbank respectively. Within the portfolio, the bulk, or 72 percent of the 6,291,407 square feet of built space are elevator properties, with D4 properties next occupying 14 percent of the space. The bulk, or 43 percent of the built space, is in Manhattan, with Queens next at 37 percent of the space.
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