NEW YORK CITY-Move over Midtown South: Taconic Investment Partners’ closing on 326,000 square feet of space at 619 West 54th St. may be more than just a gamble – the asset manager might be looking into a bright future indeed. Paul Pariser, principal of Taconic Investment Partners is “very excited” about the property, located on a soon-to-be sparkling stretch of Eleventh Avenue in the West 50s. The deal was brokered exclusively by Jones Lang LaSalle vice chairmen Mitchell Konsker and Matthew Astrachan and vice president Alexis Tener.
The Far West Side is “solid” all the way up, Pariser says, ticking off popular submarkets like a commercial real estate broker’s dream shopping list: Chelsea, the West Village – he calls it “golden” and the “dramatically improving” Hudson Square seem to form a perfect chain leading up to the next fancy pendant at Midtown West.
“There are many major residential developments running up 9th 10th 11th [Avenues] which are solidifying it as a location,” Pariser added. “All the auto stores [that] gave up on the area…they’re all moving back and they’ve made massive improvements to the quality of the real estate.”
Taconic’s recently acquired building – located close to 11th Avenue – will get more than a facelift; the commercial property will see renovations to the 27,000 square-foot ground floor retail space and technology infrastructure upgrades, according to a company release. “Basically we see that it s a very viable area that has great potential for us,” Pariser concluded. He cited the building’s abundant windows, loft-like spaces and high ceilings as attractive to potential tenants. Currently, the building is home to a range of companies and has media and advertising firms there. The physical attributes “make it an extremely attractive landing spot for a universe of tenants who would want to pay a lesser rent,” Pariser added.
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