tf cornerstone

The Pool Rules in Long Island City

June 4, 2019 by editor 6 Comments

This article is intended for the owners of TF Cornerstone. Brace yourself, because I’m about to make you a coupla’ hundred million at no cost. I know, I know, who am I to offer real estate advice to a family that has very successfully built a multi-billion dollar real estate business in NYC over the last half-century? But follow my logic and the recent words (and actions) of other successful NYC developers as quoted in Forbes last week, and I think you will see that I am not a fast talking alchemist.

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Construction Has Begun on Parcel C in Hunters Point South

March 27, 2019 by editor 7 Comments

Don’t need no release, when a reporter’s on da beat. Last week a reader sent us a pic (above) revealing that construction has finally begun on Parcel C of Hunters Point South. Today we received a press release announcing an official groundbreaking for the site scheduled for next week. Anyway after years in the making what’s a few days/weeks discrepancy? This project was first announced in 2013 when the development was awarded to TF Cornerstone (surprise!), only to be mysteriously delayed until word leaked in mid-2017 that there were logistical problems due to the trains and power lines running below. Several months later a redesign was announced splitting what had heretofore been a concrete and glass monolith along Center Boulevard into two towers of 55 and 44 stories and maybe a Shake Shack in between, all slated to [Read more…] about Construction Has Begun on Parcel C in Hunters Point South

CITY HARVEST SITE IN HUNTERS POINT SOLD TO TF CORNERSTONE

November 19, 2018 by editor 8 Comments

Sorry Huck and Tom, no more shenanigans down by the creek (click on pic for detail on City Harvest at left)

An 8-acre plot of land where City Harvest currently runs its operations has been sold to TF Cornerstone according to the New York Post. Located at the very southern tip of Long Island City on Newtown Creek, it is adjacent to the “backside” of Hunters Point South Park.

The land is zoned to allow four 400-foot towers which can contain over 2,000 residential units, 1/3 of which must be affordable. [Read more…] about CITY HARVEST SITE IN HUNTERS POINT SOLD TO TF CORNERSTONE

BEING PLAYED LIKE A FIDDLE WITH LIC IN THE MIDDLE

March 9, 2018 by editor 2 Comments

“Here’s to alcohol: the cause of, and solution to, all of life’s problems.”

“the mayor’s commitment to hitting numerical goals {in affordable housing} has created a potential difficulty for city negotiators in their dealings with developers, who are aware of the targets. For some housing experts, the situation was akin to an apple vendor advertising to customers: Must sell out by the end of the day; make me an offer”

You want to know why a big developer like TF Cornerstone gets a seemingly great deal on city-owned land such as Water’s Edge? Or why the Anable Basin Rezoning includes an audacious 5,000 units, and 70-story tower? The quote above from The New York Times this week is your answer in a nutshell. It’s also the reason that [Read more…] about BEING PLAYED LIKE A FIDDLE WITH LIC IN THE MIDDLE

PROTEST -> MASTER PLAN -> BRIDGE

March 1, 2018 by editor 10 Comments

I’m just trying to find the bridge
Has anybody seen the bridge?
Please
Have you seen the bridge?
I ain’t seen the bridge!
Where’s that confounded bridge?

THERE’S going to be a protest this Saturday. In general, the impetus behind it is to make sure the LIC community has a say in the development of three adjacent waterfront plots: Anable Basin, Waters Edge, and Lake Vernon. Of equal importance is the request to recognize and rezone these three lots as a whole, not in isolation. The belief is that in doing so it will not only optimize the space for the neighborhood but also for the city, inasmuch as it will allow more comprehensive planning and be able to incorporate much larger economies of scale and/or amortization of concessions. The most obvious example, and one near and dear to The Editor’s heart, is a rec center.1

The logic of creating a Master Plan for the three lots is self-evident, yet the powers-that-be have been completely dormant in recognizing the tremendous opportunity right in front of them. That’s what the protest is for!

Now, while the Rec Center is the most obvious oversight, and almost de rigeur when talking about concessions for variances or granting a rezoning, there’s another need that also lends itself to amortization, and frankly might be more timely than even, ahem …affordable housing. That would be [Read more…] about PROTEST -> MASTER PLAN -> BRIDGE

and that rec center can also be optimally located where the most people could potentially have the closest walk to get there: on 5th Street & 46th Rd. [↩]