| We then visited one of the submarket’s most prolific landlords,Taconic Investment Partners, which co-CEO Paul Pariser says is one of several southwest Chelsea property owners working with city officials, Community Planning Board 4, and Chelsea Improvement Co. to better the neighborhood. Taconic entered the market in ’97 with its purchase of 3M-SF 111 Eighth Ave., the second-largest office building in NYC (below). It viewed Chelsea as a possible mecca for large creative office tenants, despite some less-than-desirable activities in the adjoining Meatpacking District those days. |
| Now the submarket’s home to Google, Major League Baseball, and companies seeking large floor-plates with great views and public transit, yet away from Midtown proper. In addition to 111 Eighth, Taconic partnered with Related to build the 545k-SF Caledonia building at 450 W. 17th, and also redeveloped the Apple Store building at 401 W. 14th, bringing similar changes to the Meatpacking District. These aren’t the only neighborhoods it hopes to improve; it’s currently redeveloping the BankNote building in Hunts Point, Bronx, as well as improving the 114-building Eastchester Heights apartment complex in Eastchester, Bronx. |
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