Sunday, December 4, 2011
3,000 more luxury units coming to Queens
TF Cornerstone recently closed on a $265 million construction loan for what will be the developer's largest luxury rental tower along the East River in Long Island City, Queens. The 820-unit, 40-story tower will be the second to last building to rise in the former industrial area that once housed a Pepsi-Cola bottling plant, among others. When complete, the developer's 20-acre waterfront development, simply dubbed East Coast, will boast a total of more than 3,000 apartments.
TF Cornerstone expects to fetch rents in the high-$40s per square foot to low-$50s per square foot for apartments at 4615 Center Blvd., according to Mr. Shell. The developer expects to close on financing and begin construction on the final 585-unit rental project building in East Coast, which will go up at 4610 Center Blvd., by the first half of 2012.