TOWN IN THE NEWS

Taconic Closes First Sale at Sterling Mason, and It’s Commercial

Commercial Observer, May 6, 2015



Taconic Investment Partners has closed on the sale of a retail condominium unit at its newSterling Mason residential building for $9.4 million, Commercial Observer has learned.

The buyers of the 3,890-square-foot ground-floor retail unit at the seven-story condo conversion 412 Greenwich Street in Tribeca are two high-net worth Tribeca residents who used 1031 Exchange money from an out-of-state real estate sale, according to Jonathan Butwin of Town Commercial, who represented both sides in the deal. He declined to further identify the buyers.

This marks the first closing at the newly constructed Morris Adjmi-designed 137,000-square-foot development, which has 33 residential units using the address 71 Laight Street. Closings on the residential units are slated to begin this month with residents taking occupancy soon thereafter.

The retail condo buyers are “going to lease it out [and] hold it for long-term appreciation,” Mr. Butwin said, adding that the buyers are interviewing leasing brokers for the space.

Taconic had tapped RKF to market the retail condo between Laight and Hubert Streets for lease, but when Mr. Butwin approached the developer with a buyer, Taconic decided to sell it.

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