525 West 52nd Street

Address: 525 West 52nd Street, New York, NY
Submarket: Clinton
Size: 445,000 square feet, 392 units
Type: Multifamily
Date Acquired: January 2012
Date Sold: Currently owned by Taconic
Property Website: 525w52nd.com

525 West 52nd Street (525) is a luxury rental residence located in the Clinton neighborhood of Manhattan. Developed and managed by Taconic Investment Partners, 525 is a 445,000-square-foot mixed-use development encompassing 392 high-end rental units (80% market/20% affordable), over 35,000 square feet of lifestyle and recreational amenities, and carefully crafted interiors designed by renowned architecture firm Handel Architects. 525 offers an array of studio, one-, and two-bedroom residences – many of which offer outdoor terraces and coveted views of the Hudson River and Manhattan skyline.

After acquiring the site in 2012, the Taconic team brought the project through the city Uniform Land Use Review Procedure (ULURP) rezoning process. Within a year, approval was granted for construction of a residential building. Taconic brought in Mitsui Fudosan America Inc. as its capital partner in the project prior to commencing construction in 2015. The property was developed under New York State’s 80/20 market-rate/affordable housing program, which provided affordable housing and offered long-term, subsidized, tax-exempt financing for Taconic. The building opened for leasing in May 2017, and is quickly becoming one of the most sought-after buildings in Hell’s Kitchen.