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NoMad-based developer TF Cornerstone has entered into a 99-year ground-lease agreement for $159 million at 135 E. 57th St., according to documents that hit the city register Aug. 12. The real estate firm plans to convert the Class A office tower into housing.
William Wallace has long owned the 32-story office property, known as Tower 57. Wallace signed the papers through Connecticut-based limited liability company 700 Lexington, records show. Jeremy Shell, principal at TF Cornerstone, signed on behalf of the lessee.