TF Cornerstone Files More Chelsea Demolition Plans

TF Cornerstone is demolishing two more buildings near another site it plans to demolish, making the firm’s vision come into focus.

The Elghanayan-run company filed demolition permits with the Department of Buildings for 250 and 256 West 23rd Street in Chelsea, Crain’s reported. The filings come months after the company also moved to tear down 250 West 23rd Street.

TF Cornerstone hasn’t been on the record about its plans for the area and didn’t respond to a request for comment from Crain’s. Earlier this year, however, a community newspaper reported on the firm’s proposal for West Chelsea, partially shared during a meeting with community members.

The firm appears to be planning a two-building residential complex, according to Chelsea Community News. A 14-story building would include 130 units and five ground-floor retail spaces, while a seven-story counterpart would have 40 units and a 35-car parking garage underground.

TF Cornerstone would look to complete the project by mid-2026.

The buildings standing presently on the site are significantly smaller. The three-story retail building at 250 West 23rd has an Apple Bank, which is moving across the street to 278 Eighth Avenue, according to CoStar. The retail building at 256 West 23rd is five stories and once contained a Cinépolis movie theater, though that closed early last year.

The firm acquired the two properties at 250 and 254 West 23rd for a combined $19.3 million. A limited liability company affiliated with TF Cornerstone acquired 256 West 23rd Street way back in 2012 for $35 million.

TF Cornerstone, one of the preeminent luxury developers in Long Island City, landed one of the largest commercial real estate loans of 2023 in New York City, scoring a $725 million loan to finance construction on a two-building rental project in a different part of Queens, Hunters Point.

— Holden Walter-Warner