Business

BankNote Building changes ownership

The landmark BankNote Building, which occupies a full city block in Hunts Point, has been sold.

Former mint sold to investment group

The upscale development group that bought the BankNote Building for $32 million in 2007, Taconic Investment Partners, announced on Monday that it has sold the building for nearly four times that amount.

Taconic says it sold the 400,000 square foot former mint to a joint venture between two investment firms, Madison Marquette and Perella Weinberg Partners, for $114 million.

The 105 year-old building has been undergoing extensive renovations since shortly after Taconic bought it. The developer says it has pumped $58 million into the facelift.

When the economy nosedived shortly after Taconic bought the historic building seven years ago, the company struggled to find tenants. But it announced in 2011 that the Human Resources Administration had agreed to lease almost half the building’s space. The city agency is expected to move in around the end of the year, despite Community Board 2’s worries that an expected daily influx of over 2,000 residents with economic hardships to the neighborhood every day may create tension with residents.

In the years since Taconic bought the BankNote from retired businessman Max Blauner, several non-profits have moved in, including the Hunts Point Alliance for Children, Urban Health Plan, along with business tenants such as Fedcap and the Business Outreach Center. Environmental group Sustainable South Bronx is one of few groups that have remained in the building since before 2007.

The chairman of Madison Marquette, Amer Hammour, said his company’s new property presents it with “the opportunity of participating in and contributing to the rapidly emerging revival of the Bronx – with its extraordinary proximity to New York’s urban core.

 

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