Taconic Investment Partners Forms Co-Venture
With The Prusik Group to Acquire
Mid-Sized
Retail Properties in the Tri-State Region
NEW YORK CITY, November 5 -- Taconic Investment Partners will acquire urban and suburban retail properties in the New York-New Jersey-Connecticut region through a joint venture with the Manhattan-based Prusik Group, reports Charles Bendit, Taconic co-founding partner.
Acquisition efforts will be concentrated on the greater New York region. The co-venture will consider both urban and suburban developments within a 75-mile radius of midtown Manhattan, including all five boroughs of the city and nearby Long Island, Connecticut, New Jersey and upstate New York communities. Targeted property valuations will be in the $50-to-$200-million range.
The Prusik Group LLC was founded earlier this year by S. Andrew Katz and Rohan Mehra, whose combined experience includes the acquisition or development of some 2.5 million square feet of retail, office and residential property. Mr. Katz is former partner and director of development for Blumenfeld Development Group. Mr. Mehra is
former vice president for retail development at Forest City Ratner Companies.
"Both Andrew and Rohan have records of accomplishment that give us a great
deal of confidence in their ability to identify and help structure sound retail investments,"
says Mr. Bendit. "With our primary focus continuing to be on office and residential properties, we're very pleased to move forward into retail with the benefit of their experience in this vital, growing sector."
Mr. Mehra says his firm's alliance with Taconic "provides Prusik with a tremendous opportunity to demonstrate our new company's highly developed skills and insights with respect to retail real estate. Having a partner with the reputation and financial strength of Taconic confers instant credibility in the marketplace, which is essential to good deal-making."
Properties that present opportunities for redevelopment or repositioning, including those with potential brownfields impairment, will receive special consideration, according to the Prusik executives. "We're interested in situations where value can be enhanced with the right skills and careful investment," says Mr. Katz. "We won't be looking for them on Madison Avenue, but they do exist practically everywhere else."
Founded in 1997, Taconic Investment Partners is a fully integrated real estate investment company that primarily acquires and develops office and multifamily properties. Taconic has acquired and redeveloped more than nine million square feet of commercial property. The firm also owns more than 2,500 apartments in Brooklyn and the Bronx, and substantial land for redevelopment in the Coney Island section of Brooklyn. For more information, please visit www.taconicinvestments.com.
For additional information about The Prusik Group, please visit www.prusikgroup.com
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