Rockrose signs $50M initial loan with Helaba for rental in Long Island City

Rockrose Development through the entity 43-12 Hunter LLC as borrower signed a initial loan with lender Helaba through the entity Landesbank Hessen-Thuringen Girozentrale valued at $50 million for the 123-unit rental (D6) at 43-12 Hunter Street in Long Island City, Queens.
The deal closed on August 12, 2021 and was recorded on August 19, 2021.
The property has 113,555 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $440 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Rockrose Development was Richard A. Brancato.
(420659530) Plans for a 123-unit, 90,485 square-foot R-2 were filed on April 19, 2017 and were permitted on May 22, 2018.

Within a 400-foot radius of 43-12 Hunter Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit application filed on December 23, 2020 for a 58,291-square-foot R-2 building with 82 residential units at 26-04 Jackson Avenue.
One of those two items was a sale which Fetner Properties and Lions Group bought the development site (V0) on Jackson Avenue and two other properties for $6.6 million from the City of New York on July 7, 2020.

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