News: Shopping Centers

Rockrose Development secures two leases at Queens West: 4,440 s/f total

Rockrose Development Corp. has fully leased the retail space in its Queens West development, at 47-05 Center Blvd. in Long Island City. The recent leasing transactions-Skinny's Cantina and Emily's Salon and Spa-comprise a total of 4,440 s/f of storefront space at the base of Rockrose's 31-story building. These final two leases complete the retail and garage offering at Queens West, totaling 256,117 s/f. Skinny's Cantina, a Mexican taqueria, is scheduled to open in the fourth quarter of 2010. The restaurant owners (who, in 2008 opened Shi, the 2010 Michelin Guide-rated Asian fusion restaurant nearby, at 47-20 Center Blvd.) worked directly with Rockrose on the 2,040 s/f leasing transaction. By fourth quarter 2010, a 2,400-s/f Emily's Salon and Spa is slated to open. Already a booming business at the original Emily's Spa, located at 474 48th Ave. and customers requesting additional services prompted owner Myunghee Seo to open a second shop. In her new location, Seo will have the space to offer her original spa menu in addition to a full service hair salon. CB Richard Ellis acted as broker for this transaction. The building already houses a CB Richard Ellis, which opened a retail and commercial leasing office last October in a 2,200 s/f space. CRBE served as the broker for Emily's Spa, a 9,000 s/f Duane Reade and a 19,000 s/f Food Cellar. Duane Reade, a longtime Rockrose tenant, introduced one of the first of its corporate redesigns in this store location; the 47-05 Center Blvd. location is also the only Duane Reade in the neighborhood. Food Cellar opened its doors in the fall of 2008 as the only gourmet grocery store in Long Island City. The store incorporates items such as a wood burning pizza stove, a large prepared foods area and a massive variety of fresh, organic produce. "We wanted to create a certain synergy with our tenant mix at 47-05. Our ultimate goal was to provide every service we could for our residential tenants as well as complete the community; every one of our retailers offers something unique and special not only to our residents, but to the neighborhood itself," explains Patricia Dunphy, Senior Vice President at Rockrose Development Corp. "Rockrose will continue to play a key role in the retail transformation of LIC." 47-05 Center Blvd. is a 31-story mixed-use building with a 221,477 s/f garage (825 parking spaces). It was completed in conjunction with Architect Arquitectonica & SLCE in 2007 and has 394 rental apartments and five elevators. The rental building is currently at 100% occupancy. Amenities in the pet friendly building include a 24-hour doorman, roof deck with bocce ball, BBQs and cabanas, an American Leisure fitness center, health club, saunas, indoor pool, club room, screening room, yoga/pilates classes, massage room, billiards, children's play room (8th floor), laundry Room (5th floor), valet and a bike room. Rockrose Development Corp. is a family owned and operated real estate company with over three decades of experience. The company's visionary outlook and hands-on approach as an owner, developer and manager has established it as an industry leader that sets New York's standard for quality real estate. Rockrose has earned a reputation for architectural distinction, sensitivity to the community and creative management. Many of Rockrose's projects have received favorable public reviews and design awards by landmarks and other governmental agencies. There are approximately 2800 units in Rockrose's residential-rental portfolio.
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2024 Year in Review: William O’Brien, M.C. O’Brien, Inc.

What noteworthy transactions or deals from this year best exemplified key market trends or shifts? I would like to say there was an outstanding transaction for me this past year but 2024 was more a culmination of long-term relationships, most of which continued to transact. Deals were smaller in many cases but we saw robust leasing both on the agency side as well as on the tenant side.

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