06 Dec 2021
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Taconic Partners and Nuveen Real Estate Acquire 309 East 94th Street for $70 Million
Taconic Partners, Nuveen Real Estate and Flatiron Equities today announced the acquisition of 309 East 94th Street and 324 East 95th Street for $70 million. Barry Goodman, senior managing director at Newmark, assisted the buyer in the transaction.
“We’re proud to collaborate with Nuveen on this well-located property in the Upper East Side, home to attractive multifamily properties, best-in-class medical institutions, a top-ranked school district and green space like Central Park,” says Chris Balestra, president and chief investment officer of Taconic Partners. “As we continue to explore new opportunities for development, we’re positive this property will be yet another asset to the uptown neighborhood and community.”
“New York City continues to provide opportunities to repurpose real estate to cater to dynamic, high-growth industries that can thrive through macro uncertainty. We believe this property is a prime example of that,” said Nadir Settles, Managing Director and New York regional head at Nuveen.
Originally built in 1927 as a manufacturing building, the acquired property was renovated and repositioned in the 1980s to become a loft-style office building with garage space. Located on two adjacent parcels, the current property comprises 87,722 gross square feet, featuring an improved five-story, loft-style office structure with a connected two-story garage on 94th Street and an auto shop on 95th Street. Both sites are zoned C8-4 and the cumulative lot size, including both parcels, is 27,695 square feet. The partners are currently evaluating all development options for the property, which can be built to approximately 164,000 to 205,000 square feet, depending on use.
Nuveen Real Estate and Taconic Partners have collaborated since 2015, collectively investing more than $1 billion across over 1 million square feet in New York. Most recently, the partners completed a $260 million fundraising round for its jointly sponsored value-add fund, New York City Property Fund II. Together, Taconic Partners and Nuveen Real Estate will continue to capitalize on unique opportunities to reposition underutilized assets or build best-in-class products for the future.
Since 1997, Taconic Partners has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space, as well as over 6,500 units of luxury and workforce housing. As a fully integrated real estate company with a keen eye for uncovering value, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, Taconic is currently developing 619 West 54th Street—the Hudson Research Center, 125 West End Avenue, 817 Broadway, 312 West 43rd Street and Essex Crossing on the Lower East Side. The firm also manages various real estate funds on behalf of institutional and pension fund investors. For more information, visit www.TaconicPartners.com
Nuveen real estate
Nuveen Real Estate is one of the largest investment managers in the world with $139 billion of assets under management.
Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
With over 85 years of real estate investing experience and more than 640 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
For further information, please visit us at nuveen.com/realestate
Flatiron Equities was formed in 2020 by Fred Leffel to carry on the value-add, New York City-focused real estate business plan Leffel had established at Kaufman New Ventures over the prior decade.
During that time, New Ventures, under Leffel’s leadership, invested $340 million in equity in acquiring over 2 million square feet of under-managed, neglected Class B and C commercial properties and redeveloping them into state-of-the- art boutique office buildings. New Ventures was a pioneer in redeveloping properties in the Union Square, Flatiron and Madison Square submarkets of New York City, introducing institutional capital into those markets and helping to transform them into one of the most desirable and tightest office corridors in the US. New Ventures was also a pioneer in adapting the ground lease structure to the acquisition and redevelopment of older office properties.
*Includes 320+ real estate investment professionals, supported by a further 320+ Nuveen employees. Source: Nuveen, 30 Jun 2021.