NEW YORK CITY-As Lower Manhattan’s residential populationcontinues to boom, soon, there will be another new luxury condo onthe block. Taconic Investment Partners and LosAngeles-based Oaktree Capital Management haveacquired 71 Laight St., a warehouse property between Greenwich andWashington Streets in TriBeCa that will be converted into 34loft-style residences, GlobeSt.com has confirmed.

Under the deal, Taconic acquired the building for $65 millionfrom seller Arranz Acinas Group using aninvestment fund with $220 million in equity from Taconic and itsinstitutional investors. Upon completion in 2014, the residenceswill range in size from approximately 1,900 square feet to 5,400square feet, and will be designed by Morris Adjmi,the same architect behind similar industrial redevelopment projectssuch as 408 Greenwich St., 40 Gansevoort St., 450 W.14^th St. and Wythe Hotel in Williamsburg, Brooklyn.

“Having developed and repositioned a number of residential andcommercial buildings in the area with great success, we felt 71Laight St. presented an incredible opportunity to create somethingspecial,” says Charles Bendit, co-CEO of Taconic, in a statement.The development will be composed of the existing property, a formertea and coffee warehouse – which received approval from the city’sLandmark Preservation Committee in 2009 – and a new ground-upbuilding designed as a photo negative image of the existingbuilding.