search

The Real Deal Logo

Trending

Tides’ original investors may be wiped out by preferred equity dealTides’ original investors may be wiped out by preferred equity dealLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsLandlords to Rent Board: The Bronx will burn againLandlords to Rent Board: The Bronx will burn again“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law
Commercial
New York

Taconic, partners sell Lower East Side retail condos, topping midsize i-sales 

East New York warehouse, Soho retail units also change hands

Taconic’s Andrew Zlotnick, Amerant Bank’s Carlos Iafigliola and 242 Broome Street (Linkedin, Getty, Taconic Partners, 242 Broome)
Taconic’s Andrew Zlotnick, Amerant Bank’s Carlos Iafigliola and 242 Broome Street (Linkedin, Getty, Taconic Partners, 242 Broome)

Rising interest rates and higher borrowing costs are continuing to eat into New York City’s mid-market dealmaking.

Only three transactions involving midsize commercial properties valued between $10 million and $40 million hit city records last week. Manhattan had two investment sales while Brooklyn had one.

Below is more information on each deal, ranked by dollar amount.

Sign Up for the undefined Newsletter

  1. Delancey Street Associates, a joint venture of Taconic Investment Partners, L+M Development, BFC Partners, Prusik Group and Goldman Sachs Asset Management’s Urban Investment Group, sold a pair of retail condos at 242 Broome Street on the Lower East Side for $24.4 million to an entity connected to Coral Gables-based Amerant Bank. The units are part of a 15-story, 185,000-square-foot building in the joint venture’s Essex Crossing mixed-use development.
  1. An entity connected to BentallGreenOak bought a warehouse at 2300 Linden Boulevard in East New York for $20.4 million from an entity tied to Charles Monchik. BentallGreenOak, an asset manager, acquired the property’s ground lease in 2021 for $24.7 million from Turnbridge Equities and Harbor Group International. Amazon is a subtenant in the 100,000-square-foot industrial building.
  1. An entity tied to Miami-based investment firm Rialto Capital acquired two retail condo units at 115 Mercer Street in Soho for $18.4 million via referee Roberta Ashkin. The units were owned by Thor Equities, which was facing foreclosure after defaulting on its payments, but Joe Sitt’s real estate firm utilized a special servicer. The 4,000-square-foot units are part of a seven-floor, 26,700-square-foot, mixed-use building.

Read more

Companies and People
Taconic Investment Partners