Taconic Closes $220M Fund for CRE Assets in NYC

New York-based Taconic Investment Partners has closed on Taconic New York City Investment Fund L.P., an investment fund with $220 million in committed equity to acquire commercial properties in the NYC area.

October 5, 2011
By Nicholas Ziegler, News Editor

New York-based CRE owner and developer Taconic Investment Partners has closed on Taconic New York City Investment Fund L.P., an investment fund with $220 million in committed equity from Taconic and several large public pension funds. Through the fund, the firm aims to add multi-family, office and retail assets in New York City that will achieve a 15-17 percent net return.

“Taconic New York City Investment Fund LP is well positioned to capitalize on our long history of investment and repositioning success,” Paul Pariser, co-CEO at Taconic, said. “The shifting real estate landscape and capital markets disruption are likely to provide opportunities for significant long-term upside potential.”

According to a Cushman & Wakefield research report issued this month, New York is the currently the global leader among cities that are most attractive for commercial investment. As investors continue the flight-to-quality trend, the city saw a 165 percent increase in activity year-to-year to the third quarter of 2011.

Taconic has already repositioned several New York assets, including 111 8th Ave., 401 West 14th St., 450 Park Ave., The BankNote Building and MeadowWood at Gateway.