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NYguy Nov 17, 2018 12:54 PM

NEW YORK | 55-01 2nd St | 2 @ 400 FT | 39 & 34 FLOORS

Amazon’s LIC developers signed $300M deal to buy nearby site

By Lois Weiss
November 16, 2018


Amazon’s Long Island City developers, TF Cornerstone, signed a $300 million deal to buy a nearby development site just last week.

The Post has learned the developers, which are the most active in the area, having built hundreds of apartments in the new towers along Center Boulevard, will buy an eight-acre triangular site along the north side of Newtown Creek — a few short blocks south of the Amazon project at 46th Road.


The 326,000 square feet of land at 55-01 Second St. is bounded by 54th Avenue to the north and Vernon Boulevard to the east.

The pricing equates to $187.50 per buildable foot and the developer will have to demolish the current buildings and put in all the infrastructure such as sidewalks and sewers.

It is expected to support four, 400-feet-tall towers with more than 2,000 rental apartments. Under current City rules, about a third of them would be affordable.

Hudson11 Nov 18, 2018 4:59 AM


Originally Posted by NYguy (Post 8382509)
Amazon’s LIC developers signed $300M deal to buy nearby site

Jeez, I'm trying to imagine the skyline transformation along Newtown Creek. Hunters Point South II is going to look like a mini Court Square, and then there's Greenpoint Landing...

On the Queens side of things

559' (Gotham/Riseboro)
336' (Gotham/Riseboro)

All of those are coming with A TON of afforable units as well. Maybe over 2000. Let's hope for transit improvements by then.

NYguy Dec 16, 2020 3:40 PM

With the developers going their separate ways, we may have to break this up again.

Anyway, here's TF Cornerstone's proposal...

No Amazon, no problem: TF Cornerstone plans 1,400 apartments in LIC
Buildings will total 1.43 million square feet

December 15, 2020
By Keith Larsen | Research By Orion Jones


Opponents kept Amazon out of Long Island City, fearing it would bring thousands of millennials to the area. They might be coming anyway.

TF Cornerstone has filed an application to build two massive apartment buildings in Long Island City: a 575-unit, 34-story apartment building at 55-01 Second Street and an 812-unit, 39-story building at 2-10 54th Avenue.

The buildings will total 1.43 million square feet, according to filings with the Department of Buildings. SLCE is the architect of record.

TF Cornerstone, led by the Elghanayan family, bought the site in November 2018 for $285 million. The development group purchased the site just days before Amazon announced its selection of Long Island City for its second headquarters, only to cancel the project three months later on a Valentine’s Day that shook New York politics and real estate.

TF Cornerstone is also building apartments en masse in Hunters Point South, including a 1,194-unit project at 52-41 Center Boulevard and at 52-03 Center Boulevard where 60 percent of the units are set aside as affordable housing, according to Multi-Housing News. Construction started in April 2019.

The area, previously known as Queens West, is in the midst of a development boom. Gotham Organization and nonprofit RiseBoro Community Partnership are also building two towers with more than 1,000 residential units there.
400 FT / 39 FLOORS
400 FT / 34 FLOORS

BuildThemTaller Dec 16, 2020 3:59 PM

These two towers are over by Hunter's Point South more so than Anable Basin.

NYguy Dec 16, 2020 4:22 PM

^ Should be in its own thread then.

But this is something that has always bothered me - the construction of thousands of units of apartments was always going to happen in LIC. With or without the Amazon proposal. And as we can see, it's not stopping, even with the ongoing pandemic.

BuildThemTaller Dec 16, 2020 6:30 PM

^And there are commercial developments planned or underway as well. Those are closer to Queens Plaza (better transit connectivity). It seems like the opponents to Amazon had a point and that further development, while not quite at the same pace, is taking place anyway and without significant state and local investment. Anable Basin remains underutilized and will hopefully pick up after the pandemic. It would be nice to see more development along Jackson and 44th Ave to connect the residential developments like this with the business district near Queens Plaza. That's just going to take time.

chris08876 Dec 21, 2020 10:46 PM

Permits Filed For 2-10 54th Avenue And 55-01 2nd Street In Long Island City, Queens


Permits have been filed by TF Cornerstone for two adjacent towers in Long Island City, Queens. Applications detail a 39-story mixed-use building at 2-10 54th Avenue at the intersection of 54th Avenue and 2nd Street, and a 34-story mixed-use structure at 55-01 2nd Street located between the Newtown Creek and 54th Avenue. Both sites are within walking distance of the Vernon Boulevard-Jackson Avenue subway station, serviced by the 7 train.

SLCE Architects is listed as the architect of record.

The proposed 400-foot-tall development at 55-01 2nd Avenue will comprise 595,731 square feet, with 485,455 square feet allocated to 575 residential units. The development will likely have rentals based on the average unit scope of 884 square feet. Additional components include 13,829 square feet of commercial space and 38 parking spaces.

The 400-foot-tall edifice at 2-10 54th Avenue will yield 842,240 square feet, with 710,890 square feet designated for residential space and 12,840 square feet for commercial space. The building will have 812 residences, most likely rentals based on the average unit scope of 875 square feet. The concrete-based structure will also have 40 enclosed parking spaces.

Demolition permits were filed this fall for the warehouses on both sites. An estimated completion date has not been announced.

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