The Real Deal New York

Taconic sells landmarked BankNote Building for $114M

Madison Marquette, Perella Weinberg buy 400K sf Bronx office property

September 15, 2014 11:00AM

taconic

Charlie Bendit and 890 Garrison Avenue in the Bronx (Building photo credit: The Square Foot)

Midtown-based financial services firm Perella Weinberg Partners and Washington, D.C.-based real estate investment firm Madison Marquette jointly acquired the landmarked BankNote Building for $114 million.

The seller, Taconic Investment Partners, paid a mere $32.5 million for the 400,000-square-foot former currency-printing site at 890 Garrison Avenue in the South Bronx back in 2007. In recent years, the city’s Human Resources Administration signed for 200,000 square feet and two schools signed for a total of 60,000 square feet.

The property currently has 40,000 square feet of vacant space, Crain’s reported. New tenants there have been unhappy with the neighborhood’s lack of food and coffee options, as previously reported. 

“We bought the building as a place for tenants who had been priced out of the Manhattan market,” Charles Bendit, co-chief exec at Taconic, told Crain’s. “Then the real estate market changed when the downturn hit.” [Crain’s]Mark Maurer

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