Winick Realty Group has finished leasing the eight retail spaces in TF Cornerstone’s massive EastCoast development on the banks of the East River in Long Island City, Queens, Winick announced today. The most recent lease in the 30,000-square-foot retail space was for European Wax Center, whose 1,252-square-foot space is under construction.
Other tenants that have or will fill the spaces along the seven-tower luxury development’s main drag, Center Boulevard, include fitness studio I Love Kickboxing, which took 2,967 square feet, and Mimi & Mo, a children’s salon and clothing store, which signed a lease for 1,239 square feet. An Italian restaurant from TD Restaurant Group, whose name has not yet been released, will fill a 7,733-square-foot waterfront space with an outdoor terrace.
TF Cornerstone principals Tom and Fred Elghanayan toasted the final of the firm’s seven residential towers which have transformed the Long Island City waterfront in a dedication celebration Thursday night at 4610 Center Boulevard.
On land the company bought from PepsiCo for $85 million in 2003, TF Cornerstone erected 2.6 million square feet of new space, with 2,800 rental apartments, 184 condos, 35,000 square feet of retail and public parks for the complex of gleaming towers at the firm’s EastCoast development.
On September 10, 2001, the Elghanayan brothers, then operating as Rockrose Development, closed a loan for a luxury rental building in Battery Park City. However, the loan had not funded. The following day was, obviously, a devastating one for New York City. The damage left much in doubt—especially real estate developments in the immediate area of the World Trade Center. But the lenders, the New York Common Fund and New York Life, who could easily have opted not to provide the money in light of the terrorist attacks, decided to go ahead and fund the loan anyway. And that was because they knew the borrowers so well.
“They did it as a sign of faith in Elghanayan and in New York,” said Andrew Singer, chairman and CEO of The Singer & Bassuk Organization, who has worked with K. Thomas and Frederick Elghanayan—the founders and principals of TF Cornerstone—since 1975. He also brokered the loan for that development, at 2 River Terrace.
SoulCycle will open its first location in the Financial District this fall.
The 5,000-square-foot space at 2 Gold Street marks the 10th indoor cycling location for the company.
Developer TF Cornerstone closed a $300 million permanent loan from Prudential Mortgage Capital Company and AXA Equitable Life Insurance Company for 4545 Center Boulevard, part of the developer’s EastCoast residential complex in Long Island City. The loan is one of an increasing number of large deals from leading lenders focused on the area.
The Singer & Bassuk Organization brokered the 15-year, fixed-rate mortgage to refinance a $265 million construction loan on the 40-story rental tower, said Andrew Singer, chairman and chief executive officer of the New York brokerage firm. Prudential took $200 million, and AXA took $100 million, he said. The new loan closed on March 10.
Large and In Charge
A new women and children’s boutique, mimi&mo, has signed a 15-year lease on the ground floor of a Long Island City residential rental building.
The store will open next month in the 1,239-square-foot space of TF Cornerstone‘s 4545 Center Boulevard, which leased up last month.
2013 Owners Magazine
Months after The Commercial Observer learned that Rockrose Development was building the largest residential building in Queens, the TF Cornerstone faction of the Elghanayan family is reportedly vying to do the same in Manhattan.
A report that appeared in New York YIMBY examined TF Cornerstone’s plans — filed with the city Read More
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Long Island City
In further confirmation of the stroller army’s successful invasion of Long Island City, New York Kids Club signed a 15-year, 5,003-square-foot lease at 4545 Center Boulevard.
The private “enrichment center” for preschool children will open by the LIC waterfront in September 2014 in TF Cornerstone‘s new mixed-use high-rise. This space–the tenant’s first in Queens–will offer preschool classes as well as after school, art, music and fitness programs.
Rockrose Development Corp. is in the process of demolishing seven dilapidated Long Island City warehouses to pave the way for the construction of what will become the tallest residential building in Queens, The Commercial Observer has learned.
The 50-story, 907,000-square-foot, 500-foot-tall building at 43-25 Hunter Street will not only be the tallest, but it will Read More
The New York Post reports that members of the New York Mets have “forsaken Yankee-style Manhattan condos” by renting units in two waterfront residential buildings in Long Island City.
The “blue-collar” Mets have decided “against glitzy Manhattan digs,” with Jon Niese, Jordany Valdespin, John Buck and Justin Turner among the players renting at the Avalon Riverview buildings, the Post stated.
Miami native Rick Rosa stuffed a few bags with his belongings in 1999 and headed for New York City.
Though not the postcard image he envisioned, he stumbled upon the industrial waterfront neighborhood of Long Island City, where he found an affordable pad, close to Manhattan, with a yard for his dog, Benny.
“The neighborhood Read More
Law firm to the stars Grubman Indursky Shire & Meiselas will stay grounded at Carnegie Hall Tower after renewing its 26,000-square-foot lease at the Midtown building.
The entertainment firm, which lists Bruce Springsteen, Lady Gaga and U2 among its clients, will pay rents in the $90 per square foot range for the 30th, 31st and partial 32nd floors of the tower, where it has maintained offices since 1991.
Michael Cohen, the tristate president of Colliers International, represented the tenant. Matt Leon, a broker at Newmark Grubb Knight Frank represented the owner, TF Cornerstone, alongside in-house representative Chip Sealy.
A city proposal to sell three lower Manhattan buildings, potentially converting 750,000 square feet of outmoded office space into luxury housing or hotels, has run into objections from community representatives in the City Hall area, who argue that the plan should have included provisions for a school, community center or affordable housing.
The City Council’s subcommittee on planning, dispositions and concessions plans a hearing next week on the disposal of the properties at 22 Reade Street and 49-51 Chambers Street. Disposition of the third building in the package, at 346 Broadway, was approved in 1998. Mayor Michael Bloomberg announced the sale in January as part of a drive to make the city more efficient by consolidating its office spaces.
Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.
Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.
On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.
The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services.