A joint venture between Taconic Partners and National Real Estate Advisors is poised to advance a sizable luxury building project in Hell’s Kitchen after scoring more than $200 million in construction financing.
The two developers landed $204 million from Union Labor Life Insurance Company, according to the Commercial Observer. Construction on the residential project has already commenced and is expected to finish in mid-2024.
The developers are building a 33-story building at 312 West 43rd Street, which will include 330 luxury rental units. The development will also include 40,000 square feet of retail space, including frontage on 42nd Street. Handel Architects is designing the building.
Among 30,000 square feet of amenities will be spa areas, private gardens, workspaces and a pool on the rooftop, according to the Observer.
The two developers first teamed up in 2018 to gain control of the 1199SEIU union’s headquarters via a 99-year ground lease shortly after the healthcare workers’ union signed a lease to relocate to 498 Seventh Avenue. At the time, the rental project’s targeted completion was 2022.
In March 2020, the firms’ plans for the site marked the month’s second-largest project filing, according to an analysis of Department of Building filings by The Real Deal.
Taconic is no stranger to Hell’s Kitchen, spearheading another major residential project at 525 West 52nd Street. The firm, along with Mitsui Fudosan America, locked into a $200 million long-term debt for the building two years ago, a deal that came nearly two years after construction was finished on the 392-unit, mixed-income apartment building.
[CO] — Holden Walter-Warner