NEW YORK CITY—In what's sure to be a new watermark for theBronx, the historic BankNote Building has been sold for $114million. ABN Associates LLC—comprised ofaffiliates of Taconic Investment Partners andDenham Wolf Real Estate Services—sold the asset toa joint venture between Madison Marquette andPerella Weinberg Partners Asset Based ValueStrategy.
Located at 1201 Lafayette Ave. in the Hunts Point section of theBronx, the 400,000-square-foot property was formerly the home ofthe American BankNote Co., which printed US and foreign currencyand securities at the site from 1911 until the 1980s. It waspurchased by Taconic in 2007 and was 70% vacant at the time.
The landmarked, class A building is now 93% leased, havingundergone an extensive, $58-million capital and tenant improvementplan. Recently, Taconic secured a 200,000-square-foot office leasefor the Human Resources Administration and completed the build-outof the new space in just nine months.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
