During Hurricane Sandy, TF Cornerstone's 839-unit building at 2 Gold Street took on several feet of water, rendering the place uninhabitable. It was one of the first developments vacated and deemed unsafe by the Department of Buildings, and all of its mechanicals and building systems were completely wiped out. Many residents were furious with how TF Cornerstone handled the situation, and they were extremely vocal about their discontent. More than half of tenants were let out of their leases, and less than a month after the storm, residents filed a class action lawsuit against the developer.
But no matter how that suit turns out, TF Cornerstone is trying to move forward. The developer spent $15 million to repair and upgrade the complex, which included the installation of a $250,000 aluminum flood gate to protect the basement. According to the Daily News, it's the first of its kind to be installed in the Financial District. The gate uses nitrogen-fueled gaskets to create a water tight seal, and the manufacturer said it's the same gate that was used by the Texas Children's Hospital in 2001 during Tropical Storm Alison.
In addition to replacing and repairing all building mechanicals, TF Cornerstone also renovated 2 Gold's lobby and expanded the fitness center. They started re-renting apartments on March 1, and they've already signed more than 100 leases (even some with tenants who got out of their leases after the storm). StreetEasy shows 42 available units, but there are likely more than that available; the Daily News said that 470 leases ended because of the storm. Units range from studios asking $2,465/month to three-bedrooms that rent for $5,775 to $5,975/month.
· Sandy-Devastated Residential Complex gets $250,000 Flood-Prevention Gate [NYDN]
· 2 Gold Street [official]
· 2 Gold Street coverage [Curbed]