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TF Cornerstone Snaps Up Pair of Greenpoint Development Sites
TF Cornerstone has acquired two parcels on the Greenpoint, Brooklyn waterfront, according to published reports. The developer, which has built numerous multifamily projects in Manhattan, Brooklyn and Queens, paid $174.1 million to acquire the sites at 57 West St.and 27 Oak St. from Jack Gutman’s Pearl Realty Management.
Pinnacle Realty of New York’s David Junik and Decio Baio brokered the sale. Residential development is said to be likely for the site, which is zoned for condominiums, and TF Cornerstone may seek to build with assistance from New York State’s 485-x tax abatement program, which replaced the now-expired 421-a benefit, published reports say.
Through a spokesperson, TF Cornerstone told Connect CRE, “TF Cornerstone is a long-term investor and believer in New York City, and we’re excited to add to our growing Brooklyn portfolio with this extraordinary site, one of the last remaining on the Greenpoint waterfront.”
- ◦Sale/Acquisition
- ◦Development
