TF Cornerstone buys LIC site for $26M
Property at 38-21 12th Street spans 70,200 square feet
The one-story industrial building spans 70,200 square feet and was sold by a pair of LLCs linked to Elysabeth Kleinhans, according to property records. Kleinhans head up the nonprofit 5959 Theaters, and the LLCs purchased the site in 2013 for $16.2 million. The deal was first reported by the Commercial Observer.
A 152-key hotel was previously rumored as planned for the site, but TF Cornerstone released a statement saying the company has no plan to change the zoning from industrial use. 5959 Theaters did not immediately respond to requests for comment.
TF Cornerstone already has a strong presence in Long Island City. It is planning a massive mixed-use waterfront development at 5-40 44th Road and 4-99 44th Road that is expected to include 1,000 apartments and 100,000 square feet of light manufacturing space, and it owns multiple properties on Center Boulevard as well.
This story has been updated to include information from TF Cornerstone.