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New York

Taconic to buy Tribeca development site for $65M

Real estate asset management firm Taconic Investment Partners has struck a deal to buy a prospective development site at 71 Laight Street in Tribeca for $65 million, Crain’s reported, and is planning a residential building with 30 to 40 units at the site once the transaction closes in May or June.

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Seller Alvaro Arranz bought the land, which currently houses a warehouse and parking garage, for $57 million in 2007, Crain’s said, and had previously hired architect Morris Adjmi to design two residential buildings for the site. Arranz’s plans had already been approved by the city’s Landmarks Preservation Commission.

It was not immediately clear why the residential project had not gone ahead previously. [Crain’s]