NEW YORK CITY-As Lower Manhattan’s residential population continues to boom, soon, there will be another new luxury condo on the block. Taconic Investment Partners and Los Angeles-based Oaktree Capital Management have acquired 71 Laight St., a warehouse property between Greenwich and Washington Streets in TriBeCa that will be converted into 34 loft-style residences, GlobeSt.com has confirmed.

Under the deal, Taconic acquired the building for $65 million from seller Arranz Acinas Group using an investment fund with $220 million in equity from Taconic and its institutional investors. Upon completion in 2014, the residences will range in size from approximately 1,900 square feet to 5,400 square feet, and will be designed by Morris Adjmi, the same architect behind similar industrial redevelopment projects such as 408 Greenwich St., 40 Gansevoort St., 450 W. 14^th St. and Wythe Hotel in Williamsburg, Brooklyn.

“Having developed and repositioned a number of residential and commercial buildings in the area with great success, we felt 71 Laight St. presented an incredible opportunity to create something special,” says Charles Bendit, co-CEO of Taconic, in a statement. The development will be composed of the existing property, a former tea and coffee warehouse – which received approval from the city’s Landmark Preservation Committee in 2009 – and a new ground-up building designed as a photo negative image of the existing building.