TF Cornerstone signs $204.9M refi with M&T Bank for 585-unit rental in Long Island City

TF Cornerstone through the entity 4610 East Coast LLC as borrower signed a refi loan with lender M&T Bank through the entity M&T Realty Capital Corporation valued at $204.9 million for the 585-unit residential elevator building (D8) at 46-10 Center Boulevard in Long Island City, Queens.
The deal closed on November 27, 2024 and was recorded on December 10, 2024. The prior lender was Fannie Mae which held debt that had an original loan amount of $200 million.The property has 483,973 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $423 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for TF Cornerstone was Jeremy Shell. The signatory for M&T Bank was Wendy LeBlanc. The prior loan for $200 million was originated in 2014. This new loan was assigned to Fannie Mae.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Kamran Elghanayan, head officer and Frederick Elghanayan, officer. The business entities are Tf Cornerstone Inc. and 4610 East Coast Llc.

The property

The residential elevator building with 585 residential units in Long Island City has 483,973 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 162 feet and is 292 feet deep with a total lot size of 56,547 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $145.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $6,250 in ECB penalties and $8,235 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 16, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 3,408,922 square feet of the 3,501,262 square feet. The two identified owners are Tf Cornerstone and Rockrose Development.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 3.5 million square feet of built space are elevator buildings, with specialty buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Tf Cornerstone owned at least 30 commercial properties with 11,143 residential units in New York City with 10,740,078 square feet and a city-determined market value of $2.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 10,740,078 square feet of built space are elevator properties, with office properties next occupying 3 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Queens next at 37 percent of the space.

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