TF Cornerstone’s LIC projects highlight resi developments since 2020
By Atticus O’Brien-Pappalardo
This report is part of a series of reports looking at development in NYC real estate from January 2020 through May 2021.
Since the start of 2020 there have been over 1,500 residential NB plans filed with the NYC DOB calling for a total of 32.6 million square feet of total construction and 36,596 residential units. Over the same period of time, $3.9 billion of alteration plans were filed at 20,668 unique residential building addresses and $856 million of alteration-CO plans filed at 2,268 unique residential building addresses.
Tom and Fred Elghanayan’s TF Cornerstone was behind two of the four largest residential new building plans filed during the stretch. The two plans, both of which were pre-filed in December of 2020, combined for over 1.2 million square feet of new construction and 1,387 residential units.
The larger of the two plans called for the construction of an 812-unit, 723,731-square-foot mixed-use building at 2-10 54th Avenue in Long Island City, while the smaller called for a 575-unit, 499,285-square-foot mixed-use building at 55-01 2nd Street in Long Island City.
Gotham Organization and Phipps Houses were the only other developers to also have two of the largest 10 plans filed over the period. Gotham’s two plans, both of which were in Manhattan, totaled 805,195 square feet of construction and 819 dwelling units, while Phipps’s plans, one in Queens and one in the Bronx, totaled 730,610-square-feet and 633 residential units.
In total, the top 10 new building plans combined for 4.8 million square feet of construction and 5,454 residential units.
MaryAnne Gilmartin’s MAG Partners filed the most expensive rehab plans during the period. The alteration plans (previously known as A2 plans) called for a $25.8 million project related to structural work at an under-construction mixed-use residential development at 241 West 28th Street in Chelsea.
Related Companies filed the most expensive alteration CO plans (formerly known as A1 plans) during the period. The $13.2 million project will double the size of a residential building at 1464 Watson Avenue in Soundview, the Bronx.
Of the 36,596 residential units filed since the start of 2020, 33 percent of them were in Brooklyn, the largest cut of any borough. 28 percent were filed in the Bronx, followed by 25 percent in Queens, 12 percent in Manhattan, and 2 percent in Staten Island.
