Taconic has partnered with National Real Estate Advisors to develop a Times Square rental building.
The partners announced that they have acquired 311 West 42nd Street in Midtown West via a 99-year ground lease.
The property is owned by 1199SEIU United Healthcare Workers East, and will undergo demolition in 2020 to be re-constructed into a nearly 350,000 s/f rental with retail space at the base.
311 West 42nd Street will include an affordable rental housing component consistent with Affordable New York. Taconic and National worked with 1199SEIU to form a structure that vested the long-term ownership of the property with future generations of 1199SEIU members.
“The space at 311 W. 42nd has served the union well since the 1960’s, but unfortunately, the size and age of the building are making it increasingly difficult to accommodate the needs of a growing, 21st century union. We will remain in the space until 2020, when we relocate to our new headquarters,” said George Gresham, president of 1199SEIU.
“In this changing economy, we are proud to be able to maintain ownership of the property for our members, and we look at this deal as a tremendous investment in the futures of the healthcare workers and the healthcare industry as a whole.”
A Cushman & Wakefield team comrpising Jonathan Serko, Adam Spies, Kevin Donner, Richard Serko and Ed Donnery represented 1199SEIU in the deal.
“This historic transaction is the culmination of many years of planning and hard work and was made possible by the talented and dedicated team of professionals at 1199SEIU along with a legal team of Meredith Kane and Barry Langman of Paul Weiss,” said Jonathan Serko. “It has been a pleasure to be part of this legacy transaction.”