Overview The Caledonia is a 540,000 square foot mixed-use development consisting of 190 for sale residential condominium units, 288 rental apartments, 35,000 square feet of retail space and 200 parking spaces. Twenty percent of the residential rental units will be dedicated to lower income housing.

Investment Strategy In June 2004, Taconic purchased this 53,000 square foot development site on 10th Avenue between 16th and 17th Street in Manhattan on an off market basis. Upon acquisition, Taconic worked diligently to vacate numerous existing long-term tenants at the property and advance the rezoning of the site as part of the West Chelsea rezoning plan. The rezoning plan became effective in the summer of 2005. This zoning initiative, combined with the purchase of air rights from neighboring properties, resulted in the approval of a 545,000 square foot residential condominium/rental building. Construction commenced in July 2006 with an expected completion in August 2008.

Building Amenities Strategic Location: The Caledonia will be the first luxury residential building built along the High Line, a 1.5 mile elevated rail which is currently being redeveloped into a public park.

Resident Amenities: The Caledonia will provide its residents with an unsurpassed amenity package including, state-of-the-art fitness center and spa operated by Equinox, entertainment lounge and terrace, children's playroom and business center.

Parking: The property will provide 24-hour attended parking with 200 spaces.

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