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Article: Bank Note Building next Chelsea Market?(Taconic Investment Partners aquired American Bank Note Building)
- Article from:
- Real Estate Weekly
- Article date:
- January 30, 2008
- Author:
CopyrightCOPYRIGHT 2008 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Taconic Investment Partners expanded its Bronx portfolio last week with the $32 million joint venture acquisition of the historic American Bank Note Building. The transaction comes with big plans for the former industrial site--plans the neighborhood is banking on to revitalize the area.
Taconic, which acquired the 400,000 s/f property with Denham Wolf Real Estate Services and DLJ Real Estate Capital Partners, plans to redevelop the site as an arts and cultural hub. The redesign vision includes offices--both loft and traditional--for arts organizations, design firms and nonprofit groups, along with a retail food market comparable to Chelsea Market.
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