by Howard Morrel & Leslie Hirsch
57th Street Report
Prominent Midtown office building set to become mixed-income residential development
A major transformation is underway on 57th Street. TF Cornerstone has announced plans to convert 135 East 57th Street, a 32-story office tower in the heart of Midtown Manhattan, into a residential high-rise—the first such office-to-residential project the firm has undertaken in Manhattan in over two decades.
Located just steps from Park Avenue, the building has long been a hallmark of Billionaires’ Row, surrounded by some of the city’s most valuable real estate. The planned conversion reflects a growing trend among developers reimagining underutilized office buildings as housing—addressing both the city’s residential demand and shifting commercial real estate dynamics.
TF Cornerstone, a family-led firm known for its transformative developments across New York City, secured a long-term ground lease for the property earlier this week. According to company executives, the project will deliver mixed-income apartments, aligning with broader city initiatives to increase housing supply in centrally located neighborhoods.
The redevelopment of 135 East 57th Street will add new residential life to a corridor historically dominated by office towers, further evolving the streetscape of Midtown East and Billionaires’ Row. While design and construction timelines are still forthcoming, the project is expected to integrate luxury design, modern amenities, and affordable housing components.
As the demand for adaptive reuse projects grows in New York City, this move places TF Cornerstone at the forefront of the city’s evolving skyline.
Looking to explore opportunities in Midtown’s next residential wave? Let’s talk.
All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823
mha@christiesrealestategroup.com