Taconic, Nuveen pay $70M to Downtown Capital for dev site in Upper East Side

Taconic Investment Partners and Nuveen Real Estate through the entity 309 East 94th Street Property Owner LLC paid $70 million to Downtown Capital for a development site composed of the office building (O5) at 309 East 94th Street in Upper East Side, Manhattan and industrial (G2) at 324 East 95th Street in Upper East Side, Manhattan. Crain’s first reported the sale, which said the site can up to 205,000 square feet of development.
The deal closed on December 2, 2021 and was recorded on December 29, 2021.
The two properties have 87,722 square feet of built space and 50,655 square feet of additional air rights for a total buildable of 138,475 square feet according to PincusCo analysis of city data. The sale price per built square foot is $797 and the price per buildable square foot is $505 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 signatory for Downtown Capital was Gary Katz.

Gary Katz is a managing partner of Downtown Capital. 
Within a 400-foot radius of 309 East 94th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, four were sales above $5 million totaling $48.9 million. The most recent of the four was Nahla Capital which bought 35 condo units in the 979-square-foot, 104-unit condo building (R4) on 302 East 96th Street and 0 other properties for $30.4 million from Wonder Works Construction on December 22, 2020.
Of those six items, two were loans above $5 million totaling $73.5 million. The most recent of the two was Charles Coutinho which borrowed $11.0 million from Capital One secured by the 33,804-square-foot, 59-unit rental (D3) on 303 East 95th Street on May 21, 2020.

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