Stroock Advising Developer TF Cornerstone on Major New Waterfront Project in Long Island City
New York, NY, August 3, 2017 — Stroock represents developer TF Cornerstone in its successful bid to create a 1.5 million-square-foot mixed-use destination located on two City-owned sites along Long Island City’s East River edge. The project will contain commercial/retail, industrial, residential, recreational and educational facilities.
The project was announced in recent days by the New York City Economic Development Corporation, which selected a winning submission to develop the site put forward by TF Cornerstone, along with Greenpoint Manufacturing & Design Center, C4Q and BJH Advisors.
Stroock’s assignment grew out of the more than 13-year relationship with TF Cornerstone, led by co-managing partner Jeff Keitelman, who also co-chairs the firm’s national Real Estate Group and co-manages the firm’s Washington D.C. office, coupled with the expertise of partners Ross Moskowitz and Karen Scanna, who led the Long Island City team in representing developers and bidders in “public-private” partnership transactions in New York City.
Mr. Moskowitz is sought out as a go-to attorney for high-profile public-private real estate projects in New York. Prior to joining Stroock, he was Executive Vice President for the New York City Economic Development Corporation, where he was responsible for structuring public-private transactions and helping to create programs and incentives that helped turn New York into a new media and technology hub, including the creation of Silicon Alley in lower Manhattan. He also served as Executive Director of the New York City Industrial Development Agency.
Ms. Scanna has worked on some of the most complicated and noteworthy transactions in New York City history, including the acquisition, financing and development of nine sites within the Seward Park Urban Renewal Area, also known as Essex Crossing. Essex Crossing is comprised of over 1.9 million square feet, with over 1,000 new residences, 800,000 square feet of retail, and 400,000 square feet of office space, community attractions and green spaces.
Stroock’s 85-member national real estate practice, led by Mr. Keitelman and Brian Diamond, has advised on structuring and financing transactions that have reshaped the nation’s metropolitan areas. Among recent client matters bearing Stroock’s national fingerprints are 10 Hudson Yards, one of the largest real estate transactions in NYC; the redevelopment of the former Washington Post site, in the center of the nation’s capital; 1285 Avenue of the Americas, one of the largest real estate transactions in the U.S.; South Florida Logistics Center, one of the area’s largest industrial deals in South Florida; and Kips Bay Court, one of the largest NYC multifamily transactions.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 140 years, the firm has offices in New York, Washington, DC, Los Angeles and Miami.