The Real Deal New York

TF Cornerstone’s hands are “very full”

December 14, 2010 12:08PM

A year after Thomas and Frederick Elghanayan formed TF Cornerstone, breaking off from their brother Henry and the Rockrose Development Corporation, Frederick, 62, opened up about the young company’s success so far. “People said it was impossible to get construction financing, but we’ve had a lot of interest in banks giving us construction money,” Frederick told the Observer. TF Cornerstone broke ground three months ago on a 41-story, 380-unit apartment building in Long Island City — which Frederick would only refer to as “East Coast Number Four” — with the foundation slated for completion in the next two weeks. The company also gave foundation orders last week for another New York City building where construction will start in two weeks, “so we actually have our hands very full right now,” Frederick said. TF Cornerstone is currently working in the emerging Hudson Yards area. “We were the first ones to do a large-scale project there, at 455 West 37th Street… And right next door we got, like, almost half a square block, and we built 835 apartments,” Frederick said. “There are several projects that were started in the area that stopped. But we continued building ours, and we’ve leased them up.” [NYO]

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