Tom Elghanayan, Fred Elghanayan and Jake Elghanayan

While TF Cornerstone has a dominant presence in New York City’s outer-borough multifamily market, the developer has been working on a lot of projects in Manhattan in the past year.

One of those projects is at 175 Park Avenue in Midtown East, where TF Cornerstone, in partnership with RXR, plans to replace the existing Grand Hyatt Hotel with a new 2.2 million-square-foot building featuring hotel, office and retail space. The project is also set to dramatically improve the Grand Central 42nd Street subway station with a new public transit hall, subway entrance and public terrace space.

Senior Vice President Jake Elghanayan said the firm plans to begin demolition on 175 Park this year and is already “in discussions with a tenant or two.”

The firm — which is led by brothers Tom Elghanyan (Jake’s father) and Fred Elghanyan, and owns and operates nearly 12,000 residential units in New York City — is also at work on a new office-to-residential conversion project at Midtown’s 135 East 57th Street, or Tower 57, where the existing 32-story office tower is set to become 350 residential units. TF Cornerstone has already signed a 47,000-square-foot lease with Chelsea Piers Fitness to anchor the retail space at the property.

“East 57th Street is what we think is a prime residential location in New York,” Jake Elghanayan said. “We’re already in demo, and our goal is to be done in 2028.”

TF Cornerstone is also still going strong in Brooklyn, where it filed plans to build a 38-story, 792-unit residential building at 45 West Street, across the street from its 13-story, 268-unit development at 15 Oak Street. All told, the Greenpoint buildings are set to feature a total of 1,060 apartment units, including some low-income housing.

The developer, too, is working on a project with Brooklyn Hospital Center to help the institution rezone nearly 6 acres and “maximize the value of their campus,” Elghanayan said.

“From a performance standpoint, 2025 was sort of the first year where almost everything in the portfolio was back above the pre-COVID levels,” Elghanyan said. “We focus as much on developing our people as our buildings, and it’s still exciting to come to work.”