Rockrose purchased the land between West 48th and 49th streets in 1998, planning to build the city's first ground-up telco hotel at the site, with a Federal Express distribution center as the anchor tenant in the base. The developer's plans changed when the telecommunications market abruptly collapsed. Since a lease had been signed with FedEx, Rockrose completed the basement and first two floors as a distribution center--building the infrastructure for future development of the upper floors.

Rockrose, which owns 315,000 rentable sf of air rights there, even more if there is a mechanical space need, plans to enlarge the structure once it secures a tenant for the additional space atop the building. The height of the building is not limited, except by the sky-exposure plan. Two full 90,000-sf floors, and two additional floors of 66,000 rentable sf, can be added if the tenant desires large floorplates.

The building offers a rare opportunity for a tenant seeking large, build-to-suit space in Midtown West, possibly cutting construction time by 50%, notes Patricia Dunphy, vice president of Rockrose. "Since the building was originally intended as a telco hotel, it has very high-caliber structural and technological features."

She adds that the enormous floor plates and oversized elevators would make it a "perfect location for a manufacturing company, warehouse or storage facility."

Rockrose has already spoken to several prospective tenants including a tennis club operator, various city agencies, a television studio, and a night club, among others. Many prospective tenants are also interested in the building's potential roof space, says Dunphy. "Will it be a hydroponic farm or tennis courts?" she asks. "We are keeping an open mind. The sky's the limit."

Founded in 1970 by H. Henry, K. Thomas and Frederick Elghanayan, Rockrose Development is an owner-builder-manager that has developed and renovated more than three million sf of commercial space--its residential portfolio includes almost eight million sf of renovated or newly built construction.

Instant Insights /

New Development Considered for 660 12th Ave.

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