No Amazon, no problem: TF Cornerstone plans 1,400 apartments in LIC

Buildings will total 1.43 million square feet

New York /
Dec.December 15, 2020 07:27 PM
TF Cornerstone president Fredrick Elghanayan and an aerial of 54-01, 54-19 2nd Street in Long Island City (Credit: TF Cornerstone and Google Maps)

TF Cornerstone president Fredrick Elghanayan and an aerial of a Long Island City site where the firm plans to build apartment towers (Credit: TF Cornerstone and Google Maps)

Opponents kept Amazon out of Long Island City, fearing it would bring thousands of millennials to the area. They might be coming anyway.

TF Cornerstone has filed an application to build two massive apartment buildings in Long Island City: a 575-unit, 34-story apartment building at 55-01 Second Street and an 812-unit, 39-story building at 2-10 54th Avenue.

The buildings will total 1.43 million square feet, according to filings with the Department of Buildings. SLCE is the architect of record.

TF Cornerstone, led by the Elghanayan family, bought the site in November 2018 for $285 million. The development group purchased the site just days before Amazon announced its selection of Long Island City for its second headquarters, only to cancel the project three months later on a Valentine’s Day that shook New York politics and real estate.

TF Cornerstone is also building apartments en masse in Hunters Point South, including a 1,194-unit project at 52-41 Center Boulevard and at 52-03 Center Boulevard where 60 percent of the units are set aside as affordable housing, according to Multi-Housing News. Construction started in April 2019.

The area, previously known as Queens West, is in the midst of a development boom. Gotham Organization and nonprofit RiseBoro Community Partnership are also building two towers with more than 1,000 residential units there.

TF Cornerstone did not immediately return a request for comment.


Related Articles

arrow_forward_ios
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Lexington Hotel at 511 Lexington Avenue (Google Maps)
NYC hotels getting busier, but still struggling
NYC hotels getting busier, but still struggling
Illustration of Sam Zell of Equity Commonwealth (right) and Barry Sternlicht of Starwood (Illustration by Kevin Rebong for The Real Deal)
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Instacart CEO Apoorva Mehta (Getty)
Instacart to build fulfillment centers near supermarkets
Instacart to build fulfillment centers near supermarkets
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Fires raging in the western United States are beginning to have a negative impact on lumber output. (Getty)
Raging wildfires threaten lumber market, home builders’ costs
Raging wildfires threaten lumber market, home builders’ costs
A rendering of 19 Hausman Street (M Development)
Nightmare darkens for largest Brooklyn condo project of 2019
Nightmare darkens for largest Brooklyn condo project of 2019
Andrew Farkas of Island Capital and 511 Lexington Avenue (Island Capital, Google Maps)
Farkas buys Lexington Ave hotel for $185M
Farkas buys Lexington Ave hotel for $185M
arrow_forward_ios

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

Loading...