2-20 Malt Dr. in Hunters Point. Rendering courtesy of New York City Housing Connect.
May 2, 2025 By Ethan Marshall
Since its founding in 1970 by Tom and Fred Elghanayan, the real estate development company TF Cornerstone has played a pivotal role in helping to shape the current landscape of the waterfront of Long Island City, as well as western Queens as a whole.
Committed to long-term multi-generational ownership, TF Cornerstone has built a strong reputation for its quality, integrity and vision. Playing large roles in the initial planning, zoning, financing and construction stages of a building’s development, TF Cornerstone has developed numerous residential and commercial properties across New York City, including 12,000 residential rentals.
The company’s work on the Long Island City waterfront has been very extensive. They were attracted there by the opportunity to work as a partner with the public sector. Through some of their previous work, TF Cornerstone saw just how much more is accomplished through public investment and partnering with the government.
Hunter’s Point South, Malt Drive Park, Queens West, Gantry Plaza, local new schools, the local library, ferries and affordable housing are all great examples of how successful developers can be when collaborating with the city and/or state. TF Cornerstone was able to reshape underutilized industrial land along the waterfront of Long Island City into vibrant, livable communities.
TF Cornerstone takes great pride in their Hunter’s Point South projects, in which they have brought nine residential projects adding up to more than 5,100 residential units to the Long Island City waterfront. In addition to bringing much-needed housing to the area, these projects have also played a big role in transforming the waterfront into an area that is vibrant, inclusive and in high demand.
Their latest development at the Long Island City waterfront, Malt Drive, provides 1,386 units across three towers. These buildings are grounded by townhouse-style bases that line the newly constructed Malt Drive road, which reconnects the neighborhood to the waterfront. This new street is walkable and community-focused, enhancing both connectivity and the identity of the neighborhood. It is also just steps away from a 3.5-acre green space, Malt Drive Park, which has landscaped areas, waterfront pathways and flexible zones for gathering and recreation.
The Malt Drive buildings, park and new street reflect TF Cornerstone’s commitment to placemaking. They not only want to provide residents with more housing, but also a lasting sense of place. Accomplishing this at Malt Drive and the rest of Hunter’s Point South is helping shape the waterfront at Long Island City into community that is both resilient and welcoming.
Engaging with community members is very important to TF Cornerstone during its development processes. With one of the company’s priorities being building strong and lasting relationships with local stakeholders, public agencies and nonprofit organizations, they listen to the needs voiced by the community during this process. They also want to make sure their projects are capable of contributing vitally to the neighborhood.
When it came to Hunter’s Point South, TF Cornerstone formed partnerships with CultureLab LIC and Hunters Point Parks Conservancy, helping to support cultural programming, public art and grants. These partnerships also align with the company’s broader mission of creating lasting social, economic and physical impacts in the community, thus helping to empower and enhance the area.
The buildings TF Cornerstone has developed in Long Island City feature timeless designs, thoughtfully planned amenities and environments that effectively blend nature with the neighborhood. These features are meant to help ensure residents thrive and enjoy the flexible, resilient designs integrating art and culture into their daily lives.
After transforming the abandoned industrial area on the Long Island City waterfront into a thriving community, TF Cornerstone is looking to make pedestrian connections between Hunter’s Point South and northern Greenpoint across Newtown Creek. With New Town Creek beginning to open to the public, such a connection could link the waterfront public realms of Long Island City and Brooklyn.
TF Cornerstone has put a lot of effort into addressing the housing needs, enhancing public spaces and supporting the local economy through retail, cultural programming and community partnerships. Now, they hope to see this new community evolve and develop its own cultural, educational and civic institutions there.
Some of TF Cornerstone’s properties in Long Island City that are in particularly high demand are those on Center Boulevard and Malt Drive. Key factors into such widespread interest there are its waterfront access, amenity-rich living and close proximity to Manhattan. The vibrant community, green spaces and co-working areas in these properties are also very attractive to prospective renters.
Other amenities for properties in Long Island City that have proven popular for those looking to move into the neighborhood include children’s playrooms, rooftop terraces with barbeque grills, fitness centers, petcare services, outdoor swimming pools and volleyball courts. In addition to many of these features, most of TF Cornerstone’s properties in the area also provide great views of Manhattan and are within walking distance of the ferry to Manhattan and local subway stations. TF Cornerstone also offers building residents shuttle services.
Malt Drive alone features landscaped rooftop terraces with views of Manhattan, private courtyards, an outdoor pool, a children’s playground, a dog run, recreation rooms, co-working spaces, children’s playrooms, fitness centers with classes, pet care services, a shared laundry room with oversized machines and washers and dryers in each unit.
Featured Events
