TF Cornerstone’s hands are “very full”

New York /
Dec.December 14, 2010 12:08 PM

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]


Related Articles

arrow_forward_ios
Clockwise from top left: 190 Beach 69th Street, 47-20 Center Boulevard and 2505 Bruckner Boulevard

These were the top outer borough loans last month

These were the top outer borough loans last month
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Rockrose Development President Justin Elghanayan and 98 DeKalb Avenue in Brooklyn

Rockrose’s new Brooklyn skyscraper will rise 47 stories

Rockrose’s new Brooklyn skyscraper will rise 47 stories
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose closes $81M all-cash Brooklyn buy

Rockrose closes $81M all-cash Brooklyn buy
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Rockrose’s $350M haul tops March list of outer-borough loans

Rockrose’s $350M haul tops March list of outer-borough loans
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

TF Cornerstone exec: How I got over Amazon dumping LIC
27-34 Jackson Avenue and Rockrose's Justin Elghanayan

Rockrose plans a $100M resi tower in LIC

Rockrose plans a $100M resi tower in LIC
From left: Jim Whelan, David Schechtman, Tom Elghanayan, Helena Durst, Bill Rudin, and Adam Leitman Bailey

Real estate bigwigs sound off on politics at REBNY gala

Real estate bigwigs sound off on politics at REBNY gala
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...