TF Cornerstone plans office-to-residential conversion

Manhattan, NY TF Cornerstone will turn the 32-story Billionaires’ Row office tower at 135 East 57^th St. into a residential property. Known as Tower 57, the company will revitalize the office space into 350 market-rate and affordable apartments. TF Cornerstone will utilize the state’s 467-m tax program, and twenty-five percent of the units will be affordable at 80% of area median income.

The floorplates in the building, which range from 5,700 to 14,000 s/f, make it suited to an office-to-residential conversion. Typical offices in New York have floor plates between 30,000 and 50,000 s/f, floor plates in the 10,000 s/f range are rare.

The narrow structure’s 12-ft. ceiling heights and floor-to-ceiling windows offer access to natural light, and the majority of the rooms in the residential units will be on the perimeter of the building.