Taconic Investment Partners, the firm that was part of a group that sold the Chelsea office building 111 Eighth Avenue to Google last December for $1.8 billion, completed raising $220 million for a fund focused on buying New York City properties, the company said in a statement today.
The Chelsea-based firm is targeting “value-add and opportunistic multifamily, office and retail assets in New York City,” the company said, expecting to earn a 15 percent to 17 percent net return on the investments.
“The shifting real estate landscape and capital markets disruption are likely to provide opportunities for significant long-term upside potential,” company co-CEO Paul Pariser, said in the release.
Even as Taconic did well with the Google sale, in other deals it has suffered, for example at 375 Pearl Street. Taconic purchased the tower in 2007 for $173 million and sold it this June for $120 million. – Adam Pincus… [more]