Buyers and renters go Long and bet on next wave Think of it as a miniature Midtown Manhattan. In Court Square, the Long Island City neighborhood that encircles the Citibank tower in Queens, the buildings are tall and glassy. The ...
Development and Acquisition
Rockrose has developed 10,000 residential apartments in New York City and has developed or acquired over three million square feet of office space in New York City and Washington DC. Many of our projects have received favorable public review in addition to coveted design awards by NYC Landmarks Commission and other governmental agencies at the City, State and Federal levels. Our vision continues with tomorrow's real estate developments on the planning table today.
Land assemblages for new construction
Rockrose has a history of pioneering; often we are the first developer in underserved areas where the firm develops on a large scale to create stable neighborhoods that become sought after and well known. We have implemented a variety of strategies when acquiring land for residential development including investing in raw areas adjacent to established neighborhoods. Rockrose has proven that by inserting a critical mass, bringing retail amenities and creating a neighborhood, it is possible to generate buzz in areas once considered unappealing. We have often diligently assembled land piece by piece, sometimes for periods as long as 20 years. By having patience, Rockrose has been able to build at a lower basis than many of our competitors. To achieve superior returns, the firm often utilized incentives of municipalities to build affordable housing. These programs generally offer real estate tax abatements, and in some cases better than market financing.
Rockrose is often credited with creating neighborhoods, and played a strong role in creating the well-known neighborhoods of the Financial District, Far West Village, Hudson Yards, Chelsea, and Long Island City. We have invested in areas such as Midtown West, Chelsea, and Court Square Long Island City prior to upzoning. We also create public private partnerships in order to develop in areas like Battery Park City, where we worked with the State to successfully develop three residential properties: Tribeca Pointe, 22 River Terrace, and 333 Rector Place.
Rockrose began its career by concentrating on the conversion of underutilized industrial and commercial properties to class A residential apartments. To achieve success and ensure profitability in this area, Rockrose became experts in utilizing sophisticated real estate tax programs such as J-51, 421-a, 421-g, and ICIP. In-house construction and design expertise allowed us to create unique designs such as loft and live/work space in buildings that other developers did not consider for residential apartments. Our in-house expertise also allowed us to minimize costs and execute difficult and unique projects.
Some of Rockrose's more notable conversions in New York City are: The Archive and West Coast Apartments in the West Village, The Fairfax on the Upper East Side, Chelsea Mercantile, Bleecker Court and The Albert in Greenwich Village and 200 Water Street, 99 John Street and 45 Wall Street in the Financial District.
Purchase of Existing Assets
In the last two decades, in an effort to diversify its portfolio and take advantage of opportunities in the office market, Rockrose spent approximately $1 billion to acquire and develop an office portfolio comprised of approximately 2.5 million square feet in 11 buildings located in New York City and Washington DC.
Through Rockrose's vertically integrated platform, the firm has been able to add value through capital improvements, leasing plans and general renovations to buildings that were under financial distress or poorly maintained. We also have acquired well-leased, well located, stable assets to balance our portfolio.
Rockrose continues to actively pursue these strategies while maintaining a nimble platform that allows the firm to identify new opportunities as they emerge.
We are always interested in new acquisition and joint venture opportunities. If you have an opportunity, please contact us.