A rendering of the Sterling Mason development in Tribeca
Besides 56 Leonard Street, slated to be the tallest building in Tribeca, there’s another notable development project in the neighborhood that’s getting a second lease on life, the New York Times reported. Known as the Sterling Mason, this 33-unit condominium in the Tribeca North Historic District is back from a 2007 stall with larger residential units planned this time around. [more]
New York City’s Human Resources Administration has signed a 175,000-square-foot lease in the Hunt’s Point section of the Bronx, the Wall Street Journal reported. The HRA will move into a complex of four connected buildings that make up the Bank Note complex in Hunts Point, an industrial waterfront area in the eastern part of the Bronx. Taconic Investment Partners, which along with Denham Wolf Real Estate Services acquired the building in 2007, told the Journal the lease is for 20 years…. [more]
From left: Paul Pariser of Taconic, a rendering of 837 Washington and Thor’s Joe Sitt
Taconic Investment Partners and Thor Equities announced today the start of construction of a 55,000-square-foot office and retail property at 837 Washington Street. Occupancy is expected for the fall of 2013. [more]
619 West 54th Street (credit: Property Shark)
The Far West Side above 50th Street has been somewhat overlooked by investors, but Taconic Investment Partners is betting on its success with the $110 million acquisition of an office building at 619 West 54th Street, the New York Observer reported. The 326,000-square-foot deal between Taconic and seller KBS Realty Advisors closed yesterday. It was handled by a sales team at Jones Lang LaSalle, led by Richard Baxter, JLL vice chairman.
“Go all the way up the West Side,” Paul Pariser, Taconic’s co-CEO with Charles Bendit. “Tribeca is fabulous, Hudson Square is great, the Meatpacking District and Chelsea are booming, then there is the High Line and Hudson Yards and north of that there has been tons of residential development.” [more]
From left: Paul Pariser of Taconic Investment Partners, Joe Sitt of Thor Equities and a rendering of 837 Washington Street
The zoning approvals for the Meatpacking District development at 837 Washington Street have been signed off on by the city’s Department of Buildings, Curbed reported. The approval brings the 55,000-square-foot commercial building closer to rising up across from the Standard. [more]
Mayor Bloomberg and the Eastchester Heights Apartments complex
Mayor Michael Bloomberg announced today that more than $100 million in financing will be made available to property owners who perform clean heat conversions. Last year, the city banned the heaviest heating oils, which are still used in about 10,000 structures, and urged owners to switch to cleaner heating solutions by 2015. Bloomberg said the conversions would generate $300 million in construction activity. [more]
Although Frank Gehry’s IAC and the Albanese Organization got a head start with their respective projects, IAC and 510 West 22nd Street, in terms of office development next to the High Line, other developers are eyeing the area as a prime spot for office buildings, due to the cachet the elevated park lends, the New York Times reported.
The Albanese Organization is looking for a 75,000-square-foot anchor tenant, with rents around $80 a square foot, for 510 West 22nd Street, which is a $140 million project. The site was previously being developed by the rapper Jay-Z. [more]
The Bronx’s first city-sponsored business incubator opened today in Taconic Investment Partner’s BankNote Building, according to an announcement by Mayor Michael Bloomberg. The Sunshine Bronx Business Incubator, at 890 Garrison Avenue in Hunts Point, has about 11,000 square feet and 180 workspaces wired with digital and video technology, which it hopes will accommodate as many as 400 entrepreneurs. Fifteen companies were already in place for today’s opening. [more]
Taconic Investment Partners and Square Mile Capital Management are set to begin construction at 837 Washington Street in the Meatpacking District, and transform an empty two-story meatpacking structure into a six-story glass building with retail and office space.
The New York Post reported that the Morris Adjmi-designed building, between Little West 12th and West 13th streets, will put four glass- and steel-covered stories atop the existing two levels, making for a 54,000-square-foot building with 27,000 square feet of retail on the first three floors…. [more]
Taconic Investment Partners co-CEOs Paul Pariser and Charles Bendit expect to purchase five to seven properties that could have a total value of $1.5 billion with the $220 million Taconic New York City Investment Fund it closed last month, which targets undervalued properties in the city. The fund’s investors include Taconic and four other U.S.-based funds, which they declined to identify.
The pair told The Real Deal in a Q & A this week that the Midtown-based firm’s fund could still pay 15 percent to 17 percent returns, despite the property pricing recovery in the city…. [more]
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