Deal makes way for a Times Square rental building
Taconic Investment Partners and theNational Real Estate Advisors have acquired the leasehold on the parking lot at 311 West 42nd Street and the office building at 310 West 43rd Street, according to Crain’s. The 99-year ground lease will allow the partnership to build rentals.
Sound Smart: With an ideal Times Square location, the development will also consist of about about 60,000 square feet of retail space.
Worth Noting: A health care workers’ union (1199SEIU) owns the property and will vacate the space in two years. In this land market, developers need to get creative to make rentals work in Manhattan.