Apartments will rise above factories at
TF Cornerstone’s $925M LIC megaproject

Waterfront development would feature 1,000 apartments, 100K sf of light industrial space

New York /
Jul.July 31, 2017 12:30 PM

The red-hot Queens waterfront could be getting another enormous project, and this one combines almost every type of real estate under the sun, including an unusual mix of manufacturing space below apartments.

The $925 million development, led by TF Cornerstone, would be located along the Long Island City waterfront by an area known as Anable Basin and include 1,000 apartments and 100,000 square feet of space for light manufacturing, according to the New York Times. It would feature two buildings that would rise 65 and 50 stories tall and occupy 1.5 million square feet across more than four acres of land owned by the city. The land currently contains a closed restaurant, parking lots and a road-repair facility. The developers won a bid to lease the land from the city.

The closed restaurant is called the Water’s Edge, and it is currently caught up in a federal investigation over whether Mayor Bill de Blasio helped its operator Harendra Singh try to receive a favorable lease in exchange for campaign contributions.

In addition to the apartments and manufacturing space, the project will also include 19,000 square feet of retail space, 400,000 square feet of office space, an 80,000-square-foot public elementary school and a one-acre park.

The project could open as soon as 2022, but it will require a zoning-change approval to move forward, which could take two years.

Industrial tenants can expect to pay between $3,700 and $9,000 per month, and 25 percent of the residential apartments will be affordable, according to the Times. The median rent for market-rate one-bedroom apartments was $2,814, according to a June report from brokerage MNS.

TF Cornerstone is partnering with finance firm BJH Advisors and nonprofits Greenpoint Manufacturing and Design Center and Coalition for Queens on the project.

Deputy Mayor Alicia Glen said that zoning rules requiring housing and factories to be far apart are no longer as important given how much cleaner industries have become.

“All of the battles over rezoning pitted jobs versus housing, which is something we need to get beyond,” she said to the Times. “I hope this can change the conversation in a more positive way.”

The Queens waterfront has seen a flurry of development in recent years. Other large projects on the way include the Durst Organization’s mixed-use project at Hallets Point and another project from TF Cornerstone with 1,197 apartments at Hunter’s Point South. [NYT] – Eddie Small

 

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