TF Cornerstone Begins Leasing at Queens Community

The waterfront property in Long Island City will designate 60 percent of its units as affordable housing.
5241 Center Blvd. Image courtesy of TF Cornerstone

TF Cornerstone has started leasing efforts for the first half of its two-building development on Queens’ Long Island City waterfront.

Zoe Elghanayan, principal & senior vice president at TF Cornerstone, told Multi-Housing News that the company began leasing apartments at 5241 Center Blvd. up to the 33rd floor. The construction is still ongoing, Elghanayan also told MHN, adding that TF Cornerstone started foundation work in spring 2019. TF Cornerstone topped out at 5241 Center Blvd. in August 2020.

The 394-unit community will offer studio, one- and two-bedroom floorplans. Combined with the accompanying 800-unit development at 5203 Center Blvd., the buildings will have 60 percent of their units designated as permanently affordable housing.

The communities will also have half of the affordable units reserved for local residents and 100 units set aside for low-income seniors. With leasing currently underway at 5241 Center Blvd., TF Cornerstone is expected to start leasing for 5203 Center Blvd. later this year.

When completed, the residents of either building will have access to the shared amenities including a terrace, lounge, children’s playroom, co-working space, sun decks, laundry facilities, bike storage, clubrooms, fitness centers and yoga studios.

The two communities were designed by ODA, with SLCE serving as the architect of record. The two developments are also connected by a half-acre park that was designed by Mathews Nielsen Landscape Architects.

“The attention and demand for this area has been great for several years now,” Elghanayan told Multi-Housing News. “An incredible amount of work has already taken place with the shoreline, greenspaces and public recreational facilities.”

A NEW WATERFRONT IN LONG ISLAND CITY

TF Cornerstone’s two communities will also be a part of the city’s master-planned development Hunter’s Point South, a two-phase effort between many city agencies to transform the Long Island City waterfront.

In total, the New York City Department of Housing Preservation and Development is looking to bring 5,000 new residential units, 60 percent of which is to be designated as permanently affordable housing, through seven waterfront communities to Hunter’s Point South.

The city also completed a waterfront park at Hunter’s Point South’s in summer 2018, creating 11 acres of waterfront open space alongside 1.5 acres of newly established wetlands.

The new waterfront park also includes a kayak launch, playground, pedestrian and bicycle pathways, fitness equipment, picnic terraces and a 30-foot-high cantilevered platform that offers views of the Manhattan and the East River.