Taconic Partners, Nuveen Real Estate and Flatiron Equities have acquired 309 East 94th Street and 324 East 95th Street for $70 million.
Barry Goodman, senior managing director at Newmark, assisted the buyers in the transaction.
“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, president and chief investment officer of Taconic Partners.
“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.”
“New York City continues to provide opportunities to repurpose real estate to cater to dynamic, high-growth industries that can thrive through macro uncertainty. We believe this property is a prime example of that,” said Nadir Settles, Managing Director and New York regional head at Nuveen.
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.
Located on two adjacent parcels, the current property comprises 87,722 gross square feet, featuring an improved five-story, loft-style office structure (pictured top) with a connected two-story garage on 94th Street and an auto shop on 95th Street. Both sites are zoned C8-4 and the cumulative lot size, including both parcels, is 27,695 square feet.
The partners are currently evaluating all development options for the property, which can be built to approximately 164,000 to 205,000 square feet, depending on use.
Nuveen Real Estate and Taconic Partners have collaborated since 2015, collectively investing more than $1 billion across over 1 million square feet in New York. Most recently, the partners completed a $260 million fundraising round for its jointly sponsored value-add fund, New York City Property Fund II.
Flatiron Equities was formed in 2020 by Fred Leffel to carry on the value-add, New York City-focused real estate business plan Leffel had established at Kaufman New Ventures over the prior decade.