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TF Cornerstone buys Greenpoint waterfront site for $175M

Developer could be targeting large residential project

TF Cornerstone Buys Greenpoint Waterfront Site for $175M
From left: TF Cornerstone’s Fred and Tom Elghanayan along with the sites at 57 West Street (top) and 24 Oak Street (bottom) (Getty, TF Cornerstone, Google Maps)

TF Cornerstone snagged a waterfront site in Greenpoint for $175 million, The Real Deal has learned.

The developer purchased two parcels at 57 West Street and 24 Oak Street from entities connected to Jack Guttman where it will likely look to build a new residential development, according to a source familiar with the matter. The site is currently zoned as of right to build condos. 

Pinnacle Realty of New York’s David Junik

It’s possible that TF Cornerstone could build multifamily with assistance from the new 485-x tax abatement program and housing elements in Mayor Eric Adam’s City of Yes proposal.

Pinnacle Realty of New York’s David Junik and Decio Baio brokered the sale. Pinnacle declined to comment.

The deal adds to the recent uptick in high-profile multifamily deals in Brooklyn. Rockrose is in contract to buy a lucrative development site in Cobble Hill from Madison Realty. KKR and Dalan Management are in contract to buy a 327-unit rental tower in Downtown Brooklyn for about $240 million.

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The Greenpoint properties, owned by the Guttman’s Pearl Realty Management, have been sought after for a number of years. Pearl bought the sites formerly known as the Greenpoint Terminal complex for $24 million in 2001. The site was home to a manufacturing facility that made twine and oakum for ships.

A 10-alarm fire damaged most of the warehouses in 2006, leaving the properties in ruin. The fire was determined by authorities to be arson.

Prior to the fire, Pearl had reached an agreement to sell the properties to developer Boruch Singer in a deal worth $420 million. Singer had planned to turn some of the site into condos but the deal fell through.

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TF Cornerstone, led by the Elghanayan family, is one of the largest luxury residential builders in Long Island City. Last year, the group scored a $725 million loan to finance construction on a rental project in Hunter’s Point Queens. 

Pearl has been active with acquisitions. RFR and Kushner Companies sold a stake in 81 Prospect Street to Pearl for $33.8 million. 

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BrooklynGreenpointTf Cornerstone
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