Zegna, Taconic buy Flatiron District building for $65M

Long Island-based family firm owned 61 West 23rd Street for more than 50 years

TRD New York /
Jul.July 01, 2016 03:00 PM

UPDATED, July 1, 3:41 p.m.: Is 23rd Street going couture?

The Italian family that’s owned the luxury suiting company Ermenegildo Zegna for four generations and Taconic Investment Partners picked up an office building in the Flatiron District for $65 million.

The Zegna family closed in June on 61 West 23rd Street, a seven-story cast iron building spanning just over 50,000 square feet, sources told The Real Deal.

The sellers were the Long Island-based Drachman family and extended family members, who owned the building for more than 50 years.  Newmark Grubb Knight Frank’s Arthur Draznin and Hunter Berman, who handled leasing at the building, represented the sellers in the off-market transaction. Jeremy Nazarian and Vickram Jambu of Venture Capital Properties represented the buyers.

The brokers declined to comment.

The automated “robo-advisor” investing firm Betterment is the building’s largest tenant.

The LLC the Zegna family used to purchase the property can be traced back to 771 Washington Street in the Meatpacking District, which the family sold to Harry Jeremias’ Harch Group in early 2015 for $70 million.

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