Purchase of 71 Laight St. to Result in Luxury Condo Development
- Jul 02, 2012
New York—With the purchase of the landmarked 71 Laight St. by real estate firm Taconic Investment Partners and certain funds managed by Oaktree Capital Management, plans are underway to incorporate the existing building into a newly built luxury, loft-style condominium to open in 2014.
The development, which will be called 71 Laight St., will provide 34 upscale, loft-style residences extending in size from 1,900 to 5,400 square feet. Among them will be a trio of expansive penthouses. The property will include the existing building, a former coffee and tea warehouse, and a brand new building designed as a photo negative image of the existing building. It will be designed by internationally acclaimed architect Morris Adjmi.
The existing building is situated in the center of Tribeca, between Greenwich and Washington Streets, and it garnered approval from the Landmark Preservation Committee in 2009.
The purchasers acquired 71 Laight St. from Arranz Acinas Group for $65 million. The acquisition is the first investment made by the Taconic New York City Investment Fund LP, an investment fund with $220 million in equity from Taconic and its institutional investors.
Since its founding 15 years ago, Taconic Investment Partners has developed and repositioned numerous residential and commercial buildings in the area with substantial success. It saw in 71 Laight St. the opportunity to create a standout property.
“We are also thrilled to announce the project as the first addition to our new fund, which will be buying commercial and residential properties in New York City,” says Charles Bendit, co-CEO of New York City-based Taconic Investment Partners, who founded Taconic along with co-CEO Paul Pariser. Taconic is a leading global investment firm with approximately $78 billion in assets.
Arranz Acinas Group was represented by Peter Hausperg, chairman and CEO of Eastern Consolidated.
Howard Shapiro of Greenberg Traurig served as the attorney for the buyers.
Christopher Balestra, vice president of Taconic Investment Partners, represented Taconic and Oaktree Capital Management.
Susan de Franca and her team at Douglas Elliman will head up the 71 Laight St. sales and marketing initiatives. The property’s interior design will be handled by designers John and Christine Gachot, formerly of Thad Hayes, Inc. and Andre Balazs Properties. Capital One Bank (administrative agent) and Bank of America will provide the construction financing, which was arranged by HFF.