TF Cornerstone’s plans on Greenpoint’s waterfront are getting more concrete.
An architect working for the developer applied for permits to build two properties totaling 1,060 units, joining the development buzz in the Brooklyn neighborhood.
The first building includes a proposed 792 apartments across 38 floors at 45 West Street, for a total of about 808,000 square feet. The second is a proposed 13-story building containing 268 units across 249,000 square feet at 15 Oak Street. The two projects are located on the same lot, according to city records. The project will also include 82 enclosed parking spaces, according to the filing.
SLCE Architects filed the permit applications. TF Cornerstone executive vice president Bruce Weill was listed as the owner on the documentation.
TF Cornerstone didn’t immediately respond to a request for comment. The firm, run by the Elghanayan family, is known as one of the largest luxury residential developers in Long Island City.
It’s unclear if the project plans to deliver condos or rentals.
The firm purchased the site for $175 million from entities connected to Jack Guttman in August of 2024, The Real Deal reported at the time. Guttman’s Pearl Realty Management purchased the site for $24 million in 2001, when it was the home of a twine manufacturing facility. The property was significantly damaged by what authorities determined to be arson in 2006.
The neighborhood has seen a crush of residential development in recent years. The largest currently underway is Greenpoint Landing, where the Domain Companies, LMXD and Park Tower have proposed 1,000 units, 20,000 square feet of retail and a public park. About 300 units are set to be affordable.
Large-scale multifamily rental development has taken a hit as the city has changed its tax incentives for developers. The 485x program, which offers a tax abatement for new rental construction, requires developers to pay close to $75 per hour in construction wages for projects more than 150 units in high-demand areas. Previous tax abatement programs had no wage requirement for multifamily rental construction.
The smaller building is targeting a zoning program that allows for a slight increase in density for energy-efficient developments. The provision is part of the City of Yes climate package.
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