Thursday, September 4, 2014

Major Residential Conversion for Eagle Electric Plant in LIC

As a tide of development continues to wash over Long Island City, a former Eagle Electric Plant near Court Square will soon give rise to a 54-story residential tower with 783 apartments. Rockrose Development has already begun demolition on portions of the site at 43-22 Queens Street. 

About 80-percent of the existing structure will be used as a base for the new 580 foot building, which will have 587,900 square feet of living space along with 34,500 square feet set aside for street level retail stores.

Development in the Court Square area continues its boom as projects ranging from rental apartment buildings to luxury condominium towers change the Long Island City skyline.

Rockrose plans to transform the 94-year-old warehouse at 43-22 Queens Street, which it purchased for $48 million in 2012, into luxury rental apartments. 

But instead of demolishing this historic warehouse and building a new tower in its place, the developer plans to keep the empty six-story building largely intact, while creating an adjacent residential structure.

Once completed, anticipated prices for the units will run $1,800 for a studio, $2,600 for a one-bedroom and $3,400 for a two-bedroom.

The old warehouse building, with its iconic turret, has a long history.

After World War II, it became part of the Eagle Electric Manufacturing Company's network of warehouses in Long Island City, and was known as Eagle Electric Plant #7.

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