It’s been an exciting year for TF Cornerstone, and the press is taking notice! Take a look back at some of our biggest milestones from 2014 with these news highlights:
TF Cornerstone Completes Center Boulevard
This year marked the official completion of our 10 year, $1.4 billion dollar construction of Center Boulevard, a neighborhood development in Long Island City.
TF Cornerstone reached 100% occupancy in its final building along a stretch of Long Island City, Queens waterfront this week, signaling the end of a $1.4 billion, decade-long effort to add nearly 3,000 residential apartments to the area.
The final leases were in [4610 Center Blvd.], the newly opened [584-unit building] that is the last of six towers the firm built on 21 acres of former industrial property.
"This is the icing on the cake," said Sofia Estevez, executive vice president at the firm. "It's the end of an era."
In 2003, TF Cornerstone finalized its purchase of 21-acres of waterfront property in LIC from PepsiCo. Since then, the company has transformed the former manufacturing site into a residential urban oasis. Upon completion, this neighborhood within a neighborhood will total 2,615 rental units, 184 condominiums and be home to more than 6,000 people. Made up of entirely new construction, this area along Center Blvd. includes waterfront parks, a new public K-8 elementary school, library, retail and other services.
4610 Center Boulevard Over 50% Leased
Two months after leasing launched, 4610 Center Boulevard is more than 50% spoken for. The 26-story tower holds a grand total of 584 apartments. The quick-moving rentals aren’t entirely a surprise, as we heard there was already a waiting list when leasing started up.
Here’s a statement from Sofia Estevez, Executive Vice President of TF Cornerstone: “Since TF Cornerstone began leasing apartments along the LIC waterfront ten years ago, we’ve been fortunate to have each building fill up at an incredible pace. 4610 Center Boulevard is no different. We’re finding that families and young professionals are attracted not only to the residences, but also to the surrounding neighborhood. This sense of community is what makes many of our residents choose to stay in LIC for many years.”
At 33 Bond, IHOP Moving Out, New Residential Development Moving In
TF Cornerstone, which is headed by high-profile brothers Tom and Fred Elghanayan, is starting asbestos abatement and other prep work prior to demolishing the garage and retail facility where IHOP is the last remaining tenant.
“We're taking a site that's underutilized and frankly could use an upgrade and building a Class A apartment house with a large amount of retail in the base of it that will attract a retailer that's desperately needed,” Jeremy Shell, the firm's senior vice president of acquisitions and finance, told the Eagle.
Hell’s Kitchen Continues to Sizzle, 606W57 on the Way
A couple of blocks up are two other major rental projects: The Durst Organization is planning a 709-unit 80/20 building at 625 W. 57th St. off 11th Avenue with 90,000 square feet of retail space that is currently slated to be finished in the spring of 2016, and TF Cornerstone is planning another massive project consisting of 42 stories and 1,028 units at 606 W. 57th St.
TF Cornerstone landed a $384 million construction loan for its 80/20 rental development at 606 West 57th Street from a consortium of banks led by Wells Fargo, Mortgage Observer can exclusively report.
“We’ve been working on this project for almost four years now,” said Jeremy Shell, TF Cornerstone’s head of finance and acquisitions. “With that came structuring a ground lease and taking the project through ULURP beginning in the prior administration and coming to a close in the new administration. We closed on the financing and are now focused on getting the project completed.”
Hudson Yards/Hell’s Kitchen Business Improvement District Announced
Last April, the Hudson Yards/Hell’s Kitchen Business Improvement District (HYHK BID) announced that Kevin P. Singleton, Executive Vice President of TF Cornerstone, had been elected Chairman.
The BID, which covers an area roughly from West 30th Street to West 42nd Street, from Ninth to 11th avenues, will have an initial budget of $1.2 million. The money will go toward maintaining the new Hudson Park and Boulevard, a series of new green spaces, and will also help make improvements to infrastructure in both Hudson Yards and Hell's Kitchen.
Singleton, the newly-elected chairman, said “With the No. 7 subway extension coming online, the development of several world-class, mixed-use commercial and residential projects underway, and Hudson Park and Boulevard near completion, it is clearly a transformative time for the Far West Side. There will be tremendous economic growth in the area, and the HYHK BID is committed to enhancing the quality of life for all neighborhood stakeholders.”