The Real Deal New York

Thomas Elghanayan bullish on LIC, in talks for large Manhattan development site

February 07, 2012 03:30PM

The Elghanayan brothers’ TF Cornerstone has more than a dozen residential projects rising in Long Island City, of 35 total in the area, the New York Observer reported. So what makes the Elghanayans, who left their brother Henry, of Rockrose Development, to form TF Cornerstone in 2009, so confident that Queens is the next Williamsburg? “It’s four minutes on the 7 train to Grand Central [Terminal],” Thomas Elghanayan told the paper.

Elghanayan goes on to say that LIC is “the prime outer-borough location,” that TF Cornerstone has refinanced its entire portfolio to the tune of $1.1 billion, and that while he is glad Henry is building in the same area, his and Frederick’s is “the real luxury property out there.”

Elghanayan also alludes to a new project, which TF Cornerstone is negotiating to buy a site for now, where they hope to build a 1 million-square-foot building. “I can tell you it’s on the West Side, in Chelsea and in Hell’s Kitchen —mixed-use, but no condos,” is all he would say. [NYO]