Overview

• TF Cornerstone closed a ground lease on August 5 with the Wallace family to repurpose the 32-story office tower at 135 East 57th Street.
• Plans call for 350 apartments, 25 percent of which will be reserved for renters earning up to 80 percent of area median income under New York’s 467-m tax exemption.
• City of Yes zoning reforms allow the conversion to proceed as-of-right, accelerating design and permitting timelines.
• Tower 57’s 12-foot ceilings, floor-to-ceiling windows and 5,700- to 14,000-square-foot floorplates will be leveraged to optimize natural light and livable layouts.
• Design and preconstruction work are now underway, with completion of the mixed-income development scheduled for 2028.