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TF Cornerstone has plans for an ambitious project combining industrial and residential uses on the East River in Long Island City.
The development, which is to be called Anable Basin, is slated to be two towers — one 500 feet tall, the other 650 feet — costing a total of $925M. Nearly every conceivable use will be fit into the 1.5M SF complex: 1,000 rental apartments, 400K SF of office space, 19K SF of retail, an 80K SF elementary school and 100K SF of light industrial space, the New York Times reports.
Co-developing the complex with TF Cornerstone are real estate finance firm BJH Advisors, industrial landlord Greenpoint Manufacturing and Design Center and tech developer Coalition for Queens. Greenpoint Manufacturing will own and manage 50K SF of the industrial space, which is anticipated to ask for $3,700 to $9,000 a month in rent — below average for the area.
One-quarter of the apartments are planned to be below market rate, and the project will require a zoning variance to mix uses in the way it plans — a process that is expected to take up to two years, pushing the estimated completion to 2022.
Part of the project will include the building that used to house the Water's Edge restaurant, which closed as its owner is under investigation for allegedly trading campaign donations to Mayor Bill de Blasio in exchange for favorable zoning decisions. TF Cornerstone plans to demolish Water's Edge and build a new restaurant in its place, beside a new public park on the water.
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