401 West 14th Street

Address: 401 West 14th Street, New York, NY
Submarket: Meatpacking District
Size: 60,000 square feet
Type: Retail and office
Date Acquired: December 2005
Date Sold: Currently owned by Taconic

401 West 14th Street is a 60,000-square-foot mixed-use building located within a designated historic district at the prime corner of 14th Street and 9th Avenue, the gateway to Manhattan’s Meatpacking District. Taconic acquired the property in December 2005 in a complex off-market transaction, which was subject to a long-term, substantially below-market ground floor lease and a securitized first mortgage prohibiting payoff or defeasance. The Taconic team addressed and navigated each of these challenges, and assembled an award-winning design team, including Cook + Fox Architects, to successfully reposition the property. Taconic replaced all building systems, constructed a new lobby and building core, redesigned and replaced all windows and retail storefronts, and obtained approvals from the New York City Landmarks Preservation Commission to build a penthouse addition. The entire property has since been re-leased to high-credit tenants, including Apple, which leases 45,000-square feet of retail and office space. In early 2014, Taconic recapitalized the asset with TH Real Estate, an affiliate of TIAA-CREF.