Taconic pitches Meatpacking District-Chelsea BID marriage

Rents could rise, however, if a combined Business Improvement District is OK'd

Feb.February 19, 2014 02:55 PM

Taconic Investment Partners, which started local business organizations the Meatpacking District Improvement Association and the Chelsea Improvement Company, is leading a committee to push for a combined Business Improvement District linking the two nabes.

Taconic wants the adjacent districts to be declared the Meatpacking Area BID, according to a report from the New York Observer. The firm will merge the two and use a $1.6 million budget to provide all maintenance, development and promotional services for the area — bound by 17th Street to the north and the northern half of Horatio Street to the south, between Eight or Hudson avenue and 10th or 11th avenues.

Although a cohesive marketing campaign for the entire area could bring in bigger fish, commercial landlords in the BID would pay about 22 cents per square foot on their buildings, while residential tenants would pay a dollar per square foot, which is likely to translate to higher prices for tenants, the Observer reported.

“Twenty-two cents a foot isn’t dramatic,”said Richard Skulnik, the executive vice president and partner at Ripco Real Estate, to the Observer. “If you had 10,000 square feet, you’re at $2,200 a year. That’s $180 a month. For the tenants that can afford to be in Meatpacking, that should be a nominal charge.”

Community boards 2 and 4 will hear the proposal this month. [NYO]– Angela Hunt

Related Articles

29 Ninth Avenue (Credit: Google Maps and iStock)

Rolex gliding into the Meatpacking District

Nusret Gökçe aka Salt Bae, 413-421 West 14th Street (foreground) and 412 West 15th Street (Credit: Getty Images, iStock)

Rockpoint, Highgate slice $75M off price of Meatpacking site

From left: Taconic Investment Partners' Charles Bendit,  Maddd Equities' Jorge Madruga and Slate Property Group's David Schwartz

Developers call Inwood ruling another blow in war against them

Aurora Capital Associattes' Jared Epstein (Credit: Getty Images and iStock)

Aurora Capital pitches free rides for Meatpacking shoppers

From left: Daniel Shirazi, and Robert Khodadadian, with 530 West 25th Street

Feil Organization buys Chelsea office building for $72M

LoanCore Capital's Mark Finerman and 125 West End Ave (Credit: Google Maps)

LoanCore lends Taconic, Nuveen $181M on West End Campus buy

Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

From left: Taconic co-CEOs Charles Bendit and Paul Pariser, 125 West End Avenue, and Nuveen's Mike Sales (Credit: Taconic, Google Maps, and Nuveen)

Nuveen teams up with Taconic on ABC campus buy