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.
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.