Taconic to buy Village office building at 817 Broadway

Developer plans repositioning of 14-story property long owned by two families

New York /
Aug.August 31, 2016 01:25 PM

Taconic Investment Partners is in contract to buy a 14-story, 114,000-square-foot office building at 817-819 Broadway in Greenwich Village for at least $90 million, sources told The Real Deal. 

The developer is planning a repositioning of the property, located at the corner of East 12th Street, sources said. A document obtained by TRD shows that by April 30, 2021, all the building’s current leases will have turned over.

The fully occupied Class B building is anchored by the Social Services Employees Union, which has 24,000 square feet across three floors, according to CoStar data. Home remodeling store Broadway Kitchens & Baths occupies the ground-floor retail space.

Two families based in Jericho, N.Y. – the Frankels and the Levines – own the property, city records show. The Levine family, led by Lawrence Levine, has a one-third controlling stake, sources said. The Frankels have a two-thirds non-controlling stake.

Pariser and Bendit confirmed they are in contract to buy it, but declined to comment further. Taconic registered a limited-liability corporation 817 Broadway Owner LLC on July 21, state records show.

One source said the price was about $90 million, or $789 per square foot, while another said it was closer to $110 million, or $965 per square foot.

The acquisition appears to be a similar play to Normandy Real Estate Partners’ $101 million purchase in July of a six-story, 138,000-square-foot office building at 797-799 Broadway, just one block south.

Taconic, headed by Paul Pariser and Charles Bendit, is one of the developers behind the Essex Crossing megaproject and is seeking a partner to recapitalize a large Hell’s Kitchen office building at 619-627 West 54th Street.


Related Articles

arrow_forward_ios
Josh Zegen with 14 Fifth Avenue (Getty, LPC)
Madison Realty lands $105M loan for Greenwich Village condos
Madison Realty lands $105M loan for Greenwich Village condos
Louis C.K. with  35 Charlton Street and 101 West 12th Street  (Google Maps, Getty)
Louis C.K. sells one home, poised to sell another
Louis C.K. sells one home, poised to sell another
Lionheart's Ophir Sternberg with 24-26 West 9th Street
Lionheart nabs Greenwich Village apartment building for $42M
Lionheart nabs Greenwich Village apartment building for $42M
Michael Ovitz looks to flip Greenwich Village condo for $25M
Michael Ovitz looks to flip Greenwich Village condo for $25M
Michael Ovitz looks to flip Greenwich Village condo for $25M
Argo Real Estate's Mark Moskowitz 64 University Place (Argo Real Estate, Bsafal)
Argo’s Greenwich Village condo sees quick-fire sales
Argo’s Greenwich Village condo sees quick-fire sales
Laurent Morali and 99 East 7th Street (left), 156 Sullivan Street (middle), and 318 East 6th Street (right) (Photo Illustration by The Real Deal with Getty, Google Maps, Compass, Apartments.com)
Kushners look to sell big piece of Manhattan apartment holdings
Kushners look to sell big piece of Manhattan apartment holdings
Eldad Blaustein with 525 6th Avenue (Google Maps, Core NYC)
Izaki files condo plans for West 14th Street
Izaki files condo plans for West 14th Street
Louis C.K. and 101 West 12th Street (Getty, Google Maps)
Louis C.K. poised to take loss on Greenwich Village co-op
Louis C.K. poised to take loss on Greenwich Village co-op
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...