While using the Telekinesis Plasmid, you can drop the item you are holding instead of throwing it across the room. To do this you must have an item currently being held. Pick up any item, with the Telekinesis Plasmid selected. Using the LT button, keep holding the item, and don’t let go of the LT button.
When you’re ready to drop the item, press the RB button to open your weapons menu, and in the transition of the weapons menu opening, let go of the LT button. Choose your weapon and the item will drop safely to your feet. If done correctly, the item falls at your feet, instead of being thrown, which makes the item easier to find when you need it.
A simpler way to drop the item you're holding is to just hit 'X'. So, with the Telekinesis Plasmid armed, hold LT to TK something to you. While it's 'in your face', press X to drop it on the ground. No need to switch to weapons.