Multifamily Developer LCOR Buys Taconic’s UES Life Sciences Site for $73M

Taconic Partners has parted with another life sciences project in Manhattan.

The developer sold 309 East 94th Street on the Upper East Side for $73 million, according to city records filed Thursday. The buyer, LCOR, develops multifamily properties along the East Coast and recently entered South Florida’s residential market. 

The sale of the 87,000-square-foot assemblage between First and Second avenues marks a slight premium on the $70 million all-cash deal that last transferred the site from the Karten family to Taconic and its joint venture partners in December 2021. 

The joint venture, composed of Taconic subsidiary Elevate Research Properties, Nuveen Real Estate and Flatiron Equities, planned to construct a 200,000-square-foot, Class A research lab. The eight-story Iron Horse Labs was designed to benefit from proximity to major academic medical institutions Rockefeller University, Mount Sinai Medical Center and NYC Health + Hospitals.  

The project secured a $79 million construction loan from Ares Commercial Real Estate in 2022 and began construction in 2023, but its current progress is uncertain. The site still contains a five-story loft-style building, a two-story garage and an auto shop, according to The Real Deal.

The Upper East Side deal follows Taconic’s $188 million sale of West End Labs at 125 West End Avenue in July. That asset, part of Taconic’s 3.4-acre West End Campus, was acquired by Bill Ackman’s Pershing Square Foundation.

The life sciences sector continues to navigate post-pandemic vacancies. Leasing volume for New York City’s life sciences sector fell 84 percent in the first three months of 2026 compared to the previous quarter, according to CBRE data.

It’s unclear who brokered the sale at 309 East 94th Street. Spokespeople for Taconic and LCOR did not immediately respond to requests for comment. 

Emily Davis can be reached edavis@commercialobserver.com.