Taconic signs $204M construction loan with Union Labor for Hell’s Kitchen development

National Real Estate Advisors and Taconic Investment Partners through the entity 311 West 42nd Street Associates LLC as borrower signed a new construction loan with lender Union Labor Life Insurance Company through the entity The Union Labor Life Insurance Company valued at $204.0 million for two properties including the office building (O3) at 310-314 West 43rd Street in Hell’s Kitchen, Manhattan and industrial (G6) at 314 West 43rd Street in Hell’s Kitchen, Manhattan.
The deal closed on November 19, 2021 and was recorded on December 16, 2021.
The two properties have 62,416 square feet of built space and 197,701 square feet of additional air rights for a total buildable of 260,163 square feet according to PincusCo analysis of city data. The loan price per built square foot is $3,268 and the price per buildable square foot is $784 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 National Real Estate Advisors and Taconic Investment Partners was Andrew Zlotnick.
Avison Young’s Tri-State Debt & Equity Finance Team brokered the financing on behalf of the borrowers.
(121207309) Plans for a 321-unit, 294,761 square-foot R-2 were filed on March 9, 2020.
This is for the construction of a 33-story building which will include 330 luxury rental units, 30,000 square feet of amenities and 40,000 square feet of retail space. Constructed is expected to be completed in mid-2024. Taconic is the ground lessee of the property. The fee is owned by 1199SEIU United Healthcare Workers East.
Within a 400-foot radius of 310-314 West 43rd Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $330.5 million. The most recent of the two was Lawrence Lipman which borrowed $6.5 million from HSBC Bank secured by the 35,420-square-foot, one-unit hotel (H2) on 324 West 44th Street on May 5, 2020.

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