Taconic Unloads Brooklyn Complex for $53M
It appears that Taconic Investment Partners, together with Ares Management, has sold the last 318 units at MeadowWood at Gateway, to Pinnacle Group for $53M. With this sale, the partnership has unloaded its entire portion of the middle income condo complex. Taconic originally bought 983 unsold units out of 1,152 total, in 2006, and invested over $40M renovating, Real Estate Weekly reports. It became Brooklyn's top-selling condo in 2009, partly because it hit the market in 2007 with completely renovated interiors. MeadowWood features 19 high-rise and garden-home buildings on two campuses, and is Brooklyn's largest condominium conversion project. Its amenities are among the best in East New York, with landscaped grounds, a playground, full-time security, on-site laundry and parking. [REW]
