A prominent New York City developer wants to convert a 32-story Billionaires’ Row office tower into over 300 apartments, joining the city’s growing wave of office-to-residential conversions. As first reported by Commercial Observer , TF Cornerstone will convert Tower 57 at 135 East 57th Street into 350 apartments, 25 percent of which would be affordable to households earning 80 percent of the area median income. The project would take advantage of the state’s 467-m tax incentive program and new zoning tools included in Mayor Eric Adams’ City of Yes housing plan.

TF Cornerstone made the announcement after signing a new ground lease with the building’s landowner, 700 Lexington LLC, controlled by William Wallace. Jeremy Shell, principal at TF Cornerstone, declined to share the lease’s

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