Taconic pays $5.5M for air rights at 42nd Street project

Taconic Investment Partners’ 311 West 42nd Street Associates LLC acquired development rights from James A. Korn and Nathan Z. Korn through the entity Jnk-42 LLC valued at $5.5 million, to transfer rights from 319 West 42nd Street to Taconic’s 311 West 42nd Street in Midtown West. The deal closed on December 15, 2020 and was recorded on December 28, 2020. The signatory for the buyer was Charles Bendit.

Taconic acquired 15,717 square feet of additional development rights and easements, for $5.5 million or $352 per square foot. Taconic and National Real Estate Advisors acquired a 99-year leasehold from the union 1199SEIU and are going to redevelop the property with a 350,000 square foot rental building with retail at the base.

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