NEW YORK | 57 West St | FT | FLOORS

[NYguy]

https://therealdeal.com/new-york/2024/08...uys-greenpoint-waterfront-site-for-175m/

TF Cornerstone buys Greenpoint waterfront site for $175M
Developer could be targeting large residential project


Aug 1, 2024
By Keith Larsen

The developer purchased two parcels at 57 West Street and 24 Oak Street from entities connected to Jack Guttman where it will likely look to build a new residential development, according to a source familiar with the matter. The site is currently zoned as of right to build condos.

It’s possible that TF Cornerstone could build multifamily with assistance from the new 485-x tax abatement program and housing elements in Mayor Eric Adam’s City of Yes proposal.

The Greenpoint properties, owned by the Guttman’s Pearl Realty Management, have been sought after for a number of years. Pearl bought the sites formerly known as the Greenpoint Terminal complex for $24 million in 2001. The site was home to a manufacturing facility that made twine and oakum for ships.

A 10-alarm fire damaged most of the warehouses in 2006, leaving the properties in ruin. The fire was determined by authorities to be arson.

Prior to the fire, Pearl had reached an agreement to sell the properties to developer Boruch Singer in a deal worth $420 million. Singer had planned to turn some of the site into condos but the deal fell through.