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Taconic Partnership Acquires Upper East Side Loft Offices, Plans Redevelopment
Taconic Partners, Nuveen Real Estate and Flatiron Equities acquired 309 E. 94th St. and 324 East 95th St. for $70 million. Barry Goodman, senior managing director at Newmark, assisted the buyers.
“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,” said Chris Balestra, Taconic’s president and CIO. “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.”
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. The partners are evaluating all development options for the property, which under current zoning can be built to approximately 164,000 to 205,000 square feet, depending on use.
Pictured: Chris Balestra.
- ◦Sale/Acquisition
- ◦Development
