David Werner pays $105M to Taconic, Nuveen for office in Garment District, was $269M in 2018

David Werner Real Estate Investments through the entity 35th & 9th LLC paid $105 million to Taconic Partners and Nuveen Real Estate through the entity 440 Ninth Avenue Owner LLC for the office building (O6) at 440 9th Avenue in Garment District, Manhattan. The expected use is cash flowing.

Bloomberg first reported the sale last month.
The deal closed on August 20, 2025 and was recorded on September 2, 2025. The property has 342,596 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $306 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 6, 2018, for $269 million. The signatory for Taconic Partners and Nuveen Real Estate was Andrew Zlotnick . The signatory for David Werner Real Estate Investments was David Werner . The contract date was May 29, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer David Werner Real Estate Investments purchased 11 properties in eight transactions for a total of $564.2 million and sold one property in one transaction for a total of $275 million over the past 24 months.
The seller Taconic Partners purchased two properties in one transaction for a total of $202.2 million and sold seven properties in six transactions for a total of $252 million over the same time period. The 342,596-square-foot property generated revenue of $19.6 million or $57 per square foot, according to the most recent income and expense figures.

The property

The office building in Garment District has 342,596 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 198 feet deep with a total lot size of 19,634 square feet. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $113.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,820 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 13, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Garment District, The majority, or 69 percent of the 52.3 million square feet of commercial built space are office buildings, with hotel buildings next occupying 13 percent of the space. In sales, Garment District has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Garment District is the 5th most active neighborhood among other neighborhoods. It had 11.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 1,643,323 square feet of the 1,756,923 square feet. The two identified owners are Unification Church and Taconic Partners.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 1.8 million square feet of built space are hotel buildings, with office buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Nuveen Real Estate owned at least 72 commercial properties with 5,698 residential units in New York City with 5,573,885 square feet and a city-determined market value of $558.5 million. (Market value is typically about 50% of actual value.) The portfolio has $134.1 million in debt, borrowed from Nuveen Real Estate. Within the portfolio, the bulk, or 85 percent of the 5,573,885 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 69 percent of the built space, is in Bronx, with Brooklyn next at 19 percent of the space.
The PincusCo database currently indicates that Taconic Partners owned at least 26 commercial properties with 2,211 residential units in New York City with 2,281,401 square feet and a city-determined market value of $371.4 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 billion in debt, with top three lenders as Apollo Global Management, Jackson National Life Insurance Company, and Upper Manhattan Empowerment respectively. Within the portfolio, the bulk, or 44 percent of the 2,281,401 square feet of built space are walkup properties, with office properties next occupying 24 percent of the space. The bulk, or 54 percent of the built space, is in Bronx, with Manhattan next at 46 percent of the space.

The buyer

The PincusCo database currently indicates that David Werner Real Estate Investments owned at least seven commercial properties with 143 residential units in New York City with 2,071,289 square feet and a city-determined market value of $649.8 million. (Market value is typically about 50% of actual value.) The portfolio has $100 million in debt, borrowed from Northwind Group. Within the portfolio, the bulk, or 93 percent of the 2,071,289 square feet of built space are office properties, with elevator properties next occupying 6 percent of the space. They are all located in Manhattan.

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