TF Cornerstone lands 300K-sf Toyota dealership at FedEx site

TF Cornerstone has reeled in a Toyota dealership to build a 300,000-square-foot  showroom at its FedEx development on the West Side. The dealership will be above the two-story, 150,000-square-foot building at 660 12th Avenue, between West 48th and West 49th streets, and ends TF Cornerstone’s search for tenants such as data storage providers and film production companies.

Bay Ridge Auto Group, which owns the Toyota dealership as well as ones for Infiniti, Nissan and Acura, paid the developer $16.6 million at the end of last year for the back of the block at 677-681 11th Avenue and signed a zoning agreement that allows TF Cornerstone to develop the remaining 140,000 square feet at the site.

A spokesperson for TF Cornerstone confirmed the deal to the New York Post; the newspaper did not include a comment from the dealership.

Bay Ridge also owns the six-story 75,000-square-foot Toyota dealership at 645-651 11th Avenue. [NYP, 1st item] – Hiten Samtani