Taconic's $73.1M exit from a stalled East 94th St lab site

Taconic Partners and its joint venture partners are handing off 309 East 94th Street on the Upper East Side for $73.1 million, a 4.5% gain over what the group paid in 2021. It leaves a 9-story lab conversion unbuilt, and a new owner holding the permits.

Why it matters

The City Register records a $73,136,836 deed, dated 2026-08-31 and recorded 2026-09-10, from 309 East 94th Street Property Owner LLC to 309 East 94th Street Development LLC. Commercial Observer reported the buyer as LCOR, a multifamily developer, and the seller as Taconic’s venture; neither name appears on the deed, which shows only the LLCs.

The numbers

The seller paid $70,000,000 in a deed recorded December 2021. The new price is $3,136,836 higher, or about $2,641 per sq ft of land on the 27,695 sq ft lot (land basis).

DOB NOW shows 25 filings on job M00799130 from 2022-10-17 to 2024-07-23, proposing 9 stories and a change of use to a life sciences building. The dataset lists no filing on the lot after 2024-07-23, more than two years before the deed. The filings predate the sale, so this is a handoff of an entitled lab shell plan, not a buyer racing to file.

Commercial Observer put the 2022 construction loan at $79 million, and our pull of the 2022 records shows a $78,750,000 consolidated mortgage.

What’s next

Watch for a new DOB filing from the buyer: a revised plan, a change of use, or a new job number would show whether the lab plan or a housing plan survives. A fresh mortgage recorded against the lot would show who is financing the next phase.

For more on this week’s deal flow, see New York and our report on the 360 Tenth Avenue mortgage.