Taconic and Denham Wolf R.E. to redevelop 400,000 s/f for approx. $25m

The American Bank Note Building, acquired recently by Taconic Investment Partners and Denham Wolf Real Estate Services, Inc., has been designated a New York City landmark by the city's Landmarks Preservation Commission. The designation was supported by the Municipal Art Society of New York, the Historic Districts Council and Bronx Community Board 2, as well as by the new owners of the property, according to the Commission. "We believe this historic treasure should enjoy the protection and recognition of landmark status even though it places some restrictions on what ownership may do with the property," said Douglas Winshall, executive vice president of Taconic. "We've renamed the building The BankNote, and our goal is to make it a landmark not only in the historical sense, but more important, as a symbol of cultural and economic vitality for the communities of the South Bronx." Jonathan Denham, a founding partner of Denham Wolf, says the development team has chosen architects Beyer Blinder Belle to design the redevelopment, "in part out of anticipation of landmark designation. BBB is one of the world's best known firms in this field and brings to the project great expertise and a special sensitivity for historic preservation." When they acquired the 97 year old Hunts Point industrial complex, Taconic and Denham Wolf announced plans to redevelop the property primarily as an office center for arts organizations, design firms, and nonprofit and community groups, as well as more traditional office users. The developers' plans also include a retail food component. The project has the support of the New York City Investment Fund, which is participating in the financing of the project. Designed in 1909 by the firm of Kirby, Petit & Green, the more than 400,000 s/f complex of three adjoining buildings and one stand-alone retail building has long been a familiar site from the Bruckner Expressway. The Landmarks Preservation Commission says the building, "recalls a time when the emerging discipline of industrial engineering was beginning to be incorporated into the exterior expression of new industrial facilities....Signature elements of industrial architecture, such as the saw-tooth roof and large expanses of industrial sash, allowed ample light into the interior spaces of the plant, aiding both the fine work done in the press rooms and the meticulous hand work of the engravers." Denham notes that the repositioning of The BankNote will attract a wide variety of tenants, observing that the various elements of the complex are each well suited to different types of use. The project cost is approximately $25 million.