According to recent reports, TF Cornerstone has acquired two parcels of land on the waterfront in Greenpoint, Brooklyn. The developer, known for their successful multifamily projects in Manhattan, Brooklyn and Queens, purchased the sites at 57 West St. and 27 Oak St. from Pearl Realty Management for $174.1 million.
The sale was brokered by David Junik and Decio Baio of Pinnacle Realty of New York. It is speculated that TF Cornerstone will likely use the site for residential development as it is zoned for condominiums. They may also take advantage of New York State’s 485-x tax abatement program to assist with construction costs since the previous benefit program (421-a) has expired.
A spokesperson from TF Cornerstone stated that they are committed to investing in New York City long-term and are thrilled to add this exceptional site on the Greenpoint waterfront to their growing portfolio in Brooklyn.
This news was originally reported by Connect CRE under “TF Cornerstone Snaps Up Pair of Greenpoint Development Sites.”
