Taconic, National Real Estate Land $204M Loan for Hell’s Kitchen Resi Tower  – Commercial Observer

Taconic partner and National real estate advisor‘New luxury condominium in Hell’s Kitchen is officially ready to be built.

The partnership just received $ 204 million in home loan from Union Labor Life Insurance Company (ULLICO), Commercial Observer can report first.

After completion, the 33-story building – at 312 West 43rd Street– Will include 330 luxury rental units, 30,000 square feet of amenities and 40,000 square feet of retail space with a prime facade on 42nd Street.

Construction work is currently underway and the expected completion date is mid-2024.

“The completion of this loan is an important step towards realizing the vision for 312 West 43rd, where we will create a high quality residential and retail destination in a dynamic residential, work and play corridor in the city.” Colleen Wenke, President and Chief Operating Officer of Taconic, said in prepared remarks.

the Handel Architects– The designed building directly fulfills residents’ concerns and desires after COVID-19 by providing filtered outside air to the apartments and providing wellness-oriented leisure spaces throughout, including spa areas, private gardens, a rooftop pool and work areas.

Taconic and National have a 99 year long lease with 1199SIEU health care workers Union plans to expand the block-through site into a mixed-use building as early as 2018 and will submit the permits for the planned development in 2020 sits in the special Clinton District of Hell’s Kitchen, founded to maintain and strengthen the residential character of the surrounding community.

At the time of signing the leasehold Taconic and National officials worked with 1199SEIU to consolidate a structure that “Transfer the long-term ownership of the property to future generations of 1199SEIU members”, Globe St. reports.

Speaking of construction finance, Jeffrey Kanne, President of National Real Estate Advisors, said, “This financial commitment enables National to continue our mission Creating values, creating jobs and strengthening economic vitality where we invest. We look forward to this exciting next phase of this high-quality mixed-use development project. “

“We are proud to be part of another project in New York City that supports unions.” Edward Smith, President and CEO of ULLICO, said. “Projects like this help boost the local economy by employing union members and union entrepreneurs.”

ULLICO is no stranger to New York real estate and has been lending real estate projects in New York City for decades. “It is a dynamic city that offers excellent investment opportunities” Herbert piston, Senior vice president of ULLICO’s real estate investment group, added.

In addition to being a stone’s throw from Times Square, the building’s prime location allows easy access to Hell’s Kitchen, Hudson Yards, and the theater district, and only adds to Taconic’s growing presence in the neighborhood.

Taconic’s is nine blocks north of 312 West 43rd 525 West 52nd Street, a 445,000 square meter luxury rental building, also designed by Handel architects. After acquiring the property in 2012, Taconic successfully led the project through the city’s rededication process through the unified land use review process and gave the green light to the development of a residential building. Today the building is one of the most sought-after residential addresses in Hell’s Kitchen.

Cathy Cunningham can be reached at [email protected].