Rosenwach Group files DOB plans for 233 units in LIC, biggest resi project in nabe since 2021

The Rosenwach Group by the applicant Michael Hardy submitted a new building construction project for a 233-unit, 173,633 square-foot residential (R-2) building at 40-25 Crescent Street in Long Island City, Queens.

This is the largest filing in Long Island City by the number of units since 2021, when there was a burst of large filings.

The plan was filed with the New York City Department of Buildings on April 17, 2023 under job number Q00845721. It calls for the construction of an eight-story building. The project is described in the filing as: hereby filing for a new eight-story mixed-use building. The architect is Gene Kaufman Architect PC.
The Rosenwach Group is a supplier and servicer of water storage tanks and towers, cooling products and services, according to its website. An affiliate of the company submitted the uniform land use review process (ULURP) application in 2021, seeking a rezoning from M1-2/R5D and M1-2/R5B to M1-2/R6A, as PincusCo reported at the time.

The ULURP application 2020Q0105 which was approved last year, rezones an area (with black dots) slightly larger than the proposed building’s footprint, outlined in red.

The property

The industrial building in Long Island City has 23,840 square feet of built space and 111,641 square feet of additional air rights for a total buildable of 135,597 square feet according to a PincusCo analysis of city data. The parcel has four buildings with frontage of 254 feet and is 200 feet deep with a total lot size of 45,199 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing.

Prior sales and revenue

The 23,840-square-foot property generated revenue of $487,526 or $20 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 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 9th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Long Island City is the 4th most active neighborhood among other neighborhoods. It had 9.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 173,633 square feet. It is a 233-unit, 173,633 square-foot residential (R-2) building submitted by Rosenwach Group and filed by Michael Hardy with plans filed April 17, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 40-31 Crescent 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 issued on October 20, 2022 for a 52,469-square-foot residential (R-2) building with 46 residential units at 27-09 40th Avenue. One of those two items was a loan which Konstandinos Vorillas borrowed $31.5 million from Kriss Capital secured by the 0-square-foot development site (V1) on 27-03 40th Avenue and two other properties on September 7, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.