TF Cornerstone borrows $198M from Empire State, PNC Bank for property in Long Island City

TF Cornerstone through the entity 4720 East Coast LLC as borrower signed a loan agreement with lender Empire State Development Corp. and PNC Bank valued at $198 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 495 residential units at 47-20 Center Boulevard in Long Island City. The deal closed on April 1, 2020 and was recorded on April 1, 2020.
The property contains a total of 477,000 square feet of built space. The building was issued its initial TCO in 2006.
The average loan per unit is $400,000.
The $198 million loan package included $160.2 million in debt from Empire State Development which was assigned to PNC Bank and $37.8 million in debt from PNC Bank. PNC then assigned the $198 million to Fannie Mae.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $550,000. Those filings sought to increase the number of residential units by 6 to 400 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $240,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link