The BankNote

Address: 1201 Lafayette Avenue, Bronx, NY
Submarket: Hunts Point
Size: 405,000 square feet
Type: Office
Date Acquired: December 2007
Date Sold: September 2014
Property Website: thebanknotenyc.com

The BankNote Building is a 405,000-square-foot former industrial building located adjacent to the Bruckner Expressway in the Hunts Point section of the Bronx. The building, which consists of three distinct interconnected sections, was built in 1911 and is the former home of the American BankNote Company, which printed U.S. and foreign currency and securities at the site. Taconic acquired the property in December of 2007 in an off-market transaction and implemented a major capital improvement program to convert the former warehouse into a full-service office building. We also acquired an adjacent, freestanding building. Base building improvements included the installation of new windows, elevators, bathrooms, mechanical systems, security systems, new entryways and lobbies, and an enhancement of the parking areas and landscaping. The building features high ceilings, large arched windows, light-flooded spaces, views of Manhattan, wide column spacing, ample loading locations, and large floor plates, all of which appeal to a wide range of tenants and uses. The property, which was designated a New York City Landmark by the Landmarks Preservation Commission in 2008, was 50% leased at acquisition and is now over 90% leased, with a majority of the space leased by high-credit tenants.

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