Thomas and Frederick Elghanayan

TF Cornerstone continues to be one of the city’s most productive residential developers, particularly in Long Island City, Queens, where it has two major projects at Hunter’s Point.

In December, the Elghanayans officially opened two Hunter’s Point South towers, which totaled 1,200 units and 1.25 million square feet. The properties, at 5241 and 5203 Center Boulevard, include 719 permanently affordable homes, of which 100 are set aside for low-income seniors. Just to the south, TFC recently started foundation work on a 1.5 million-square-foot, 1,400-unit rental project, as well as an extension of the Hunter’s Point South waterfront park.

The multigenerational developer is also wrapping up construction on 595 Dean Street, an 800-unit rental building in the Pacific Park development in Brooklyn. The building will have a cogen plant, photovoltaic cells and a Chelsea Piers gym location with soccer fields and a swimming pool.

Next to Grand Central Terminal, TF Cornerstone is using the landmarked train station’s air rights to develop 175 Park Avenue, which would be the city’s second-tallest office tower if it’s built. The Elghanayans and RXR secured a rezoning last year to build a 1,545-foot commercial tower next to Grand Central on 42nd Street. It would replace the 1,300-room Grand Central Hyatt with 2 million square feet of office space and a much smaller Hyatt hotel. The development would also include a new 5,000-square-foot transit hall, a new entrance to the subway on 42nd Street and 25,000 square feet of public terraces.

“When Donald Trump did the Hyatt, he did a really half-assed job,” the pair said. “The rooms are the same, they didn’t change the windows, it’s an eyesore. Our plan is to tear it down, rebuild all the access to Grand Central and the subway, and to build a 2.5 million-square-foot building, which will have a 200-room hotel.”

The brothers have to find a major anchor tenant for the office tower before they can secure financing and start construction. “It’s very much dependent on this anchor tenant,” Elghanayans said. “Then we can allocate the financing. It’s a $3 billion undertaking.”

They added that they’re looking for someone to take “at least half a million square feet. Maybe private equity, that kind of business for whom rent is not an important factor in their business plan but location is.”—R.B.R.