The Real Deal New York

Taconic, Cogswell-Lee plan to revamp Inwood retail complex

The companies purchased the ground lease for $341,355

February 02, 2016 11:40AM

in Inwood

Rendering of 410 West 207th Street in Inwood

Taconic Investment Partners and Cogswell-Lee Development Group plan to turn an Inwood supermarket into a retail hub.

The redevelopment team bought the ground lease at a former Pathmark at 410 West 207th Street for $341,355 in December, in the wake of the Atlantic & Pacific Tea Company’s latest bankruptcy. The companies plan to build a 20,000- to 25,000-square-foot anchor space with 10,000 to 15,000 square feet of smaller retail spaces along 207th Street.

This would replace the shuttered Pathmark’s 34,000-square-foot space, the Commercial Observer reported. Lee & Associates NYC will be the leasing agent for the new development.

The site also includes a 46,000-square-foot parking lot and has the potential for a 240,000-square-foot residential development. No plans have yet been filed for a residential development, but Taconic and Cogswell0-Lee plan to build a 14,000-square-foot retail building on a portion of the parking lot.

“We feel that the site presents an ideal opportunity to be creative with multiple development opportunities including long term potential for residential in a burgeoning and vibrant neighborhood,” Charles Bendit, co-CEO of Taconic Investment Partners, said in a statement. [NYO] Kathryn Brenzel