NEW YORK CITY-As Lower Manhattanâ€™s residential population continues to boom, soon, there will be another new luxury condo on the block.Â Taconic Investment PartnersÂ and Los Angeles-basedOaktree Capital ManagementÂ have acquired 71 Laight St., a warehouse property between Greenwich and Washington Streets in TriBeCa that will be converted into 34 loft-style residences, GlobeSt.com has confirmed.
Under the deal, Taconic acquired the building for $65 million from sellerÂ Arranz Acinas GroupÂ using an investment fund with $220 million in equity from Taconic and its institutional investors. Upon completion in 2014, the residences will range in size from approximately 1,900 square feet to 5,400 square feet, and will be designed byÂ Morris Adjmi, the same architect behind similar industrial redevelopment projects such as 408 Greenwich St., 40 Gansevoort St., 450 W. 14thÂ St. and Wythe Hotel in Williamsburg, Brooklyn.
â€œHaving developed and repositioned a number of residential and commercial buildings in the area with great success, we felt 71 Laight St. presented an incredible opportunity to create something special,â€ says Charles Bendit, co-CEO of Taconic, in a statement. The development will be composed of the existing property, a former tea and coffee warehouse â€“ which received approval from the cityâ€™s Landmark Preservation Committee in 2009 â€“ and a new ground-up building designed as a photo negative image of the existing building.
Prudential Douglas EllimanÂ will handle sales and marketing effortsÂ once the development is complete.Â Capital One BankÂ andÂ Bank of AmericaÂ will provide construction financing for the transaction, arranged byÂ HFF, but the total cost of the project could not be confirmed in-time for deadline.
Peter Hausperg, chairman and CEO ofÂ Eastern Consolidated, represented the seller, Arranz Acinas Group from Spain;Â Howard ShapiroÂ ofÂ Greenburg TraurigÂ acted as the buyerâ€™s attorney; andChristopher Balestra, vice president of Taconic Investment Partners, represented Taconic and Oaktree Capital Management.
Eastern Consolidatedâ€™sÂ Inbal HimelblauÂ and executive managing directorÂ Alan P. MillerÂ also represented the seller, and anticipates that pricing for the residences will be competitive with others in the Downtown area. "With TriBeCa really growing day by day, a testament to the strength of Manhattan and this dynamic neighborhood & marketplace, all the leading high-end luxury residential condominium brokers feel that the average sales price of these particular residences will exceed $2,000 per square foot," Miller says, in a statement.