Taconic Cuts Deal With Silverstein For 90% Stake In MovieLab Building
Silverstein Properties has signed on as the overwhelming stakeholder at 619 West 54th St., also known as the Movielab Building, on Manhattan’s far west side.
Taconic Partners will retain only about a 10% stake in the 325k SF art deco building, the New York Post reports. The deal puts the building’s value at about $190M. Taconic picked up the property for $112M in 2012 and started a capital improvement program.
The 10-story building was once used as an editing facility for Warner Bros. Previous attempts by Taconic to cash in on the property have come to naught, including one campaign helmed by a CBRE team last year.