TF Cornerstone Acquires Potential Resi Sites in Greenpoint for $175M
By Mark Hallum and Abigail Nehring August 2, 2024 12:10 pm
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TF Cornerstone has purchased two dilapidated properties totaling 356,520 square feet in Greenpoint, Brooklyn, most likely slated for multifamily development.
The developer, which has built heavily on the Long Island City, Queens, waterfront, purchased 43-57 West Street and 2-24 Oak Street for $175 million from Jack Guttman’s Pearl Realty Management.
The acquisition is a long-term investment, according to TF Cornerstone. The Real Deal first reported the sale.
“We’re excited to add to our growing Brooklyn portfolio with this extraordinary site, one of the last remaining on the Greenpoint waterfront,” a spokesperson for the company said in a statement.
The brokers for both the buyer and the seller, Pinnacle Realty of New York’s David Junik, Decio Baio and Danny Tack, said TF Cornerstone will be able to take advantage of the new state tax incentive replacing 421a.
Junik said in a statement the site comes with up to 1 million square feet of development rights that “will help transform the landscape in Greenpoint.”
It will be one of the first to take advantage of the new 485X, further confirming that prime locations and quality sites will always thrive in any market,” Junik said.
Guttman did not immediately respond to a request for comment.
The lots sit directly across from each other on a former brownfield cleanup site spanning the north and south sides of Oak Street abutting the waterfront in Greenpoint. The New York State Department of Environmental Conservation approved Pearl Realty’s application to begin cleaning up the properties in 2014, according to state records. Remediation work focusing on removing heavy metals from the soil began in 2019 and took about five months.
The properties were used as a shipyard beginning in the 19th century and later served other industrial purposes before five buildings on the site burned down in 2006. The sites now contain only a crumbling graffiti-strewn concrete silo. It’s currently being advertised as a filming location by Secret Studios.
Mark Hallum can be reached at mhallum@commercialobserver.com. Abigail Nehring can be reached at anehring@commercialobserver.com.
