TF Cornerstone is tearing down two more Chelsea buildings ahead of a likely major residential project in the neighborhood.
The real estate giant, run by members of the Elghanayan family, recently filed demolition permits with the Department of Buildings for 250 and 256 W. 23rd St. The company filed plans to tear down 254 W. 23rd St. earlier this year.
The firm is planning a sprawling residential project across the sites that will consist of two connected building, according to reporting from Chelsea Community News earlier this year. One would stand 14 stories tall with 130 apartments and five ground-floor retail spaces, while the other would stand 7 stories tall with 40 apartments and a 35-car underground parking garage. TF Cornerstone hopes to finish the work by mid-2026, according to the local news site.
A representative for TF Cornerstone did not respond to a request to confirm its plans for the Chelsea sites by press time.
The current building at 250 W. 23rd St. stands 3 stories and 44 feet tall, while the one at 256 W. 23rd St. stands 5 stories and 82 feet tall, according to the demolition filings. Both are retail properties, with 250 housing an Apple Bank branch that is planning a move across the street to 278 Eighth Ave., according to the commercial real estate database CoStar and multiple reports.
The building at 256 once housed a Cinépolis movie theater that shuttered in early 2023, according to the website Cinema Treasures.
TF Cornerstone purchased 250 and 254 W. 23rd St. in 2019 for about $19.3 million, and a limited liability company linked to the firm bought 256 W. 23rd St. in 2012 for $35 million, according to property records.
The Midtown-based developer is well known for helping spearhead the residential boom in Long Island City, where it has multiple luxury apartment buildings. It has a residential property at 200 W. 26th St. in Chelsea called Chelsea Centro. Rents at available apartments, all one-bedrooms, range from $5,410 to $6,795, according to StreetEasy.
Eddie Small , 2024-06-12 19:16:56
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