TF Cornerstone looks further from the LIC waterfront and expands to Astoria
TF Cornerstone has been known for its huge projects along the Long Island City waterfront. Nevertheless, it appears the company has decided to make some changes in its business plans and they are gearing up toward developments in Astoria. There is an industrial lot addressed at 38-12 12th Street right in the border of LIC and Astoria that has sparked TF Cornerstone’s interest.
The site has already been acquired by the firm for $25 million, which is not such an incredible number when the square footage of the area is revealed: a whopping 70,200. This information is readily available in public records. The lot is between the 38th and the 40th Avenues and is the current house of a building with just one story that spans 37,700 square feet. The transaction was finished the 4th of this month and the seller was an LLC. This LLC is registered to Elysabeth Kleinhans, who serves as the current president of the board of directors at 59E59 Theaters, a nonprofit theater company.
Future plans for this lot haven’t been revealed. If TF Cornerstone intends to develop some sort of residential building, rezoning will be in order, since current zoning of the site only allows for industrial use, commercial use and/or certain kings of community facilities.
Besides its own private projects, the company was the chosen one by the city of New York to develop two separate residential projects addressed at 5-40 44th Drive and 4-99th Drive respectively, both in LIC. The project will reportedly hold 1,000 rental units. 25% of them will be designated as affordable. There will be 100,000 sf of light manufacturing space and the project will allegedly cost $925 million. The buildings will be 650 and 500 feet tall, and the development will also include 400k sf of office area, 19k of retail space, an elementary school and a waterfront park that will span one full acre.
Other projects owned by TF Cornerstone along the Long Island City Center Boulevard are addressed at 45-54, 46-10, 47-20, 45-40 and 46-15. [Commercial Observer]