Jake Elghanayan

Where is TF Cornerstone going to be in 2026? In 2028? 2033?

We don’t have specific goals for these different time frames, but we invest in individual assets and our business platform with a very long-term mindset. We’ll deliver another 1,400 units at Hunter’s Point in Long Island City, Queens, in 2024 and 2025, which will bring our NYC portfolio to approximately 12,000, almost half of which are along the Queens waterfront. We are working on at least two other large-scale, long-term development plans that we expect will keep us on a pace of adding approximately 2,500 units to our portfolio every five years.

In terms of new business, we think there is a compelling office-to-residential conversion opportunity nationally, and, so, five or 10 years from now, I would hope we begin to see the fruits of that labor. Lastly, together with our partners at RXR, we plan to build the best office building in the world, 175 Park Avenue.

Tell us about a successful financing you’ve done in the last 12 months. Or tell us about an unsuccessful one.

In January, TF Cornerstone secured a pair of construction loans for the two-building, 1,400-unit, residential-retail development on the LIC waterfront that I mentioned above, even in the face of one of the most challenging lending markets in recent history. Those loans, which totaled $725 million, were made with seven distinguished banks, including the establishment of a new and strategic banking relationship. The deals were led by Wells Fargo/M&T Bank and PNC/Bank of New York.

When will we know the market has stabilized? (Be specific!)

Our core NYC rental apartment market has already returned to its usual, pre-COVID rhythms, though I think the expiration of 421a could create some peaks and valleys in the years ahead. More broadly, in the real estate capital markets, we’ll know the market has stabilized when the prices of the public REIT stocks don’t move materially in response to Fed interest rate meetings for a handful of meetings in a row.

How do you think the 2024 presidential campaign will impact the commercial real estate market?

I’m more worried about the contest’s impact on our nation. 

If you were to invest your own money in someone else’s real estate, who do you like and why?

We have a relatively similar perspective and way of doing business as the Brodsky Organization.

What business advice are you most tired of hearing?

For every wise saying, there’s usually another similarly wise-sounding adage that’s directly contrary. The key is understanding your context. 

What’s the biggest market opportunity as we round out 2023?

If the average company’s return to office lands at least at four days per week, then I think this is the best market to deploy capital into office real estate in my lifetime.

Have you had a lot of staff turnover?

No, we have not noticed any spike in staff turnover.

Who do you like for POTUS in 2024? Biden.

Do you feel personally safe moving through NYC?  Yes.

Jerome Powell: Are you a fan or critic? Neutral.

Can’t-live-without technology now? GoogleMaps 3D view.

Elon Musk is …? Unafraid.

Taylor Swift or Beyoncé? Beyoncé.

Artificial intelligence — good or bad? Probably unavoidable. 

Mischa’s or Nathan’s for a hot dog? Gray’s Papaya.

Netflix or Hulu? Netflix.

What character are you in “Succession”? Ouch, I hope none of them. … Maybe Gerri?