Developer Who Almost Landed Amazon HQ2 Planning Scores Of Apartments In Its Place
TF Cornerstone, the developer tapped to build Amazon’s campus in Long Island City before the deal went south, is now planning to build two big apartment buildings in the neighborhood.
The firm filed plans with the Department of Buildings for two buildings that will span a total of 1.43M SF, The Real Deal reports. One building, at 55-01 Second St., would feature 575 units while the other, at 2-10 54th St., will contain 812 units.
The site cost the firm $285M back in 2018, a deal that was secured just days before Amazon announced its plans to build nearby. The tech giant had planned to build its campus on the Long Island City waterfront, but the community and local politicians chafed against the billions in tax breaks and grants Amazon was due to receive. They also voiced concerns about the strain on local infrastructure and what the tech giant’s presence would mean for rents and housing affordability.
Ultimately, Amazon withdrew from the city, a stunning decision that devastated many who predicted it would have been a boon for the area. Instead of bringing a promised 25,000 workers to Queens, earlier this year, Amazon paid $1.5B to WeWork for the former Lord & Taylor building on Manhattan's Fifth Avenue.
TF Cornerstone is also active in Manhattan, joining with RXR Realty for Project Commodore, a mixed-use building planned for the site at 109 East 42nd St. Last year, it paid Greenland and then Forest City New York $143.1M for Pacific Park land parcels at 615 and 595 Dean St. in Brooklyn.