On the Market

Big Box Retail Opportunity Could Capitalize on Western Queens Growth

Untitled

Massey Knakal is marketing a massive lot for long-term net lease at 39-19 21st Street for $1.5 million, hoping to capitalize on the rapid development occurring in western Queens.

Neatly tucked between a number of strategic roadways and two rapidly changing neighborhoods, the 100,000-square-foot lot on the corner of 39th Avenue and 21st Street sits between Long Island City and Astoria, Queens.

“It’s rare to come up with this large a footprint along a main drag,” said Benjamin Fox, executive vice president of retail leasing with the firm, who is exclusively marketing the property. Read More

The Sit-Down

Justin Elghanayan: Rockrose Development's Next Generation

Justin Elghanayan. (Photo by Kiki Conway)

In 2009, the brothers behind the Rockrose Development Corporation—Henry, Thomas and Frederick Elghanayan—divided their four-decade business partnership in half, with Frederick and Thomas spinning off to form TF Cornerstone, and Henry staying put at Rockrose with his son, Justin Elghanayan, 33. Since that relatively amicable split, in which the company’s $3 billion empire was divided in half, Henry Elghanayan has rebuilt the portfolio and elevated his son, who has taken the reins as the project manager of Linc LIC, a development in Long Island City, Queens, scheduled to include two residential towers and a retail complex that, when finished in 2013, could breathe new life into the long-simmering neighborhood. Last week, Justin Elghanayan spoke to The Commercial Observer about his family’s recent split, the future of Rockrose and his Long Island City project, which includes what could be the tallest building in Queens. Read More