NEW YORK CITY—Taconic Investment Partners and National Real Estate Advisors have acquired 311 West 4nd St. in Midtown West from 1199SEIU United Healthcare Workers East via a 99-year ground lease.
The new ownership plans to demolish the existing building located between Eight and Ninth avenues and construct a new nearly 350,000-square-foot mixed-use property in its place. The redevelopment project, including acquisition, is estimated at approximately $250 million. Demolition of the building is expected to begin in 2020.
The new building will feature rental apartments and retail at its base. The project will include an affordable rental housing component. Taconic and National officials state they worked closely with 1199SEIU “to form a structure that vested the long-term ownership of the property with future generations of 1199SEIU members.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
