TF Cornerstone Files Plans to Build Two New Towers in Long Island City, To Contain 1,400 Units

TF Cornerstone towers going up (Photo: Queens Post)

Dec. 17, 2020 By Christian Murray

TF Cornerstone has filed plans to construct two new residential towers on 2^nd Street, directly behind the massive Hunters Point South development.

The first tower, according to plans filed with the Dept. of Buildings on Dec. 14, would be located on the corner of 2^nd Street and 54^th Avenue and would be 34 stories tall and contain 575 units. The second building proposed would be located at 54-01 2^nd Street and would be 39 stories and contain 812 units.

The company is permitted to build towers of this size, since the lots are part of the Special Southern Hunters Point District that was created in 2008. That district was established with the sprawling Hunters Point South development in mind, although these two parcels were not part of that 5,000-unit mega plan.

The filing comes at a time when TF Cornerstone is close to completing its 1,194-unit project on Parcel C of the Hunters Point South development. Parcel C backs onto 2^nd Street.

TF Cornerstone is looking to develop the two sites on the bottom right in red. They are part of the Special Southern Hunters Point District established in 2008 (Source: City Planning)

The company is a prolific builder in Long Island City. It transformed the Hunters Point waterfront by building six residential towers on Center Boulevard (by Anable Basin and the Pepsi sign) over a 10-year period, comprised of 2,615 rental units and 184 condominiums.

TF Cornerstone bought its two development sites on 2^nd Street in November 2018 for $285 million. The purchase appeared well timed, since it came days before Amazon said it planned to move to Long Island City. The Amazon plan, however, was abandoned in February 2019 following push-back from a number of elected officials and community groups.

The developer had floated the idea in 2019 of creating a special district that would incorporate its 2^nd Street and 54^th Avenue sites. The rezoning area proposed would have roughly gone from the Newtown Creek to Borden Avenue—between 2^nd Street and 5^th Street.

The proposal involved rezoning some manufacturing space surrounding the LIRR tracks and decking over a 3 1/8 acre section of the Yard between 2^nd and 5^th Streets. The deck was to be used for park space and would connect to Vernon Boulevard.

The plan, however, was not embraced by Community board 2’s Land Use committee in a meeting in 2019.