TRD tours TF Cornerstone’s rental 505W37

Apr.April 30, 2010 01:32 PM

The Real Deal got a first look inside TF Cornerstone’s new rental project in Hudson Yards, 505W37, at an opening party last night (see slide show above).

The project’s two glass towers are located at 505 West 37th Street between 10th and 11th avenues, kitty corner to the company’s other Hudson Yards rental, 455W37. Nearly 200 market-rate units have been leased, according to Robert Schmidt, a leasing agent for the building, who led tours of the building for press and brokers at the event. The project has a total of 835 units, though a number of them are earmarked for affordable housing through the 80-20 program.

The project is offering two months of free rent, much like its primary competition in the up-and-coming area: Larry Silverstein’s Silver Towers at 620 West 42nd Street and 11th Avenue.

Monthly net effective rental prices at 505W37 start at $1,821 for a studio, $2,533 for a one-bedroom apartment, and $3,706 for a two-bedroom apartment, with rents varying by floor, TF Cornerstone said. But many of the cheaper studios have already been rented, according to Schmidt. A 500-square-foot studio on the 20th floor is going for a net effective rent of $2,090 per month, he said.

Floor-to-ceiling windows showcase undeniably stellar city Hudson River and city views. The second-floor terrace includes cabanas for lounging and seating areas clustered around reflecting pools. The 37th-floor roof deck, with views of the Empire State building and the Chrysler Building, will eventually feature a kitchen, billiards room, library and screening area.

TF Cornerstone is headed by brothers Tom and Fred Elghanayan, formerly the principals of Rockrose along with their older brother, Henry. In April 2009, the three brothers announced they would split up the family business, with the two younger Elghanayans remaining at the 290 Park Avenue South headquarters and Henry keeping the Rockrose name.

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