Colleen Wenke

How are Taconic’s office and retail properties doing in New York City? Which asset class is seeing more demand right now? 

Retail has been particularly active for us recently. Following Aldi’s grand opening in July at the Ellery, we signed Samudhra, a 10,000-square-foot, high-end Indian restaurant concept, along 43rd Street, and PNC Bank for 3,500 square feet along 42nd Street.

In the Meatpacking District, Sephora signed for 4,200 square feet at 401 West 14th Street. These types of retailers align with our ongoing focus on weaving modern conveniences into traditionally commercial areas, bringing more of a neighborhood feel. On the office side, the signing of Ledger’s at 817 Broadway brought the building to 100 percent leased.

How is the Ellery in Times Square doing? Are residents responding well to living in such a busy area?

We saw an opportunity to create a highly amenitized residential building in the center of everything New York City has to offer with the opportunity to find calm and serenity at home. 

That curated experience has created stickiness within our resident base: All 330 apartments leased within 10 months, with rents above our projections. It’s clear that people value the convenience of living in such a well-connected location, while enjoying amenities that create the opportunity for rest and relaxation. This is why the Ellery has places to retreat, from private gardens to the rooftop pool. We continue to see strong demand for our coworking amenity space given the ability to work from home and its adjacency to our outdoor offerings.

Is Taconic looking to start any more residential projects in the city? 

Absolutely.

The progress at Miramar in particular gives us a strong foundation for what comes next: 698 apartments in Inwood, half affordable, including a permanent home for the People’s Theatre, which opened in September. We’re adding homes at a meaningful scale while supporting what makes the neighborhood unique.

The challenge is finding a site and making the numbers work. The state development incentive program 485-x has not been a successful policy to stimulate new builds — especially over 99 units. And we continue to explore conversions which are currently penciling on some buildings. 

We are also looking at well-located existing stock that needs modest upgrades, operational efficiencies and improvements and/or exploring creative plays there as well.

A lot of Manhattan life sciences projects have been selling off recently, including Taconic’s old project at 309 East 94th Street and another site at 125 West End Avenue. Why did Taconic offload those sites?

The transfer of 309 East 94th Street and West End Labs was a strategic decision to focus on our core operating portfolio, given the broader headwinds and challenges that the life sciences sector has faced in recent years. As we continually evaluate our diversified assets, we remain deeply committed to New York City’s real estate and economic development ecosystem, and that our properties are meeting the evolving needs of New York and its occupier market.

This city remains a hub for innovation, and we’ll continue to operate best-in-class environments that enable discovery, collaboration and growth across a full range of sectors.

Are you on the offense or the defense when it comes to new deals? 

On offense, but we are disciplined investors and very careful about how we allocate resources. Taconic’s history is built on seeing what a site or building could become, whether that means repurposing industrial space, film studios or car dealerships. The conversions we’re exploring now come from that same instinct. Despite strong leasing fundamentals, the office property sale market is slow given the persistently elevated interest rate environment.

We’re also growing our development advisory business, helping other owners manage development and construction challenges as well as asset and leasing strategy. That gives our team opportunities to work on a wider range of projects. And, beyond the tri-state area, we’re pursuing multifamily acquisitions in the Sun Belt.

How would you describe Taconic’s investor base? What’s the most attractive project right now for investors? 

Tight inventory, low vacancy and continued demand keep market-rate rents at all-time highs, so investors are drawn to assets aligning with this profile. I would say the investor pool remains curious, strong yet cautious, and highly selective given the volatile nature of the last few years.

Is there a political figure who you’d like to see on the ballot in 2028 who’s not named Michael Bloomberg?

Honestly, I’m disheartened by the current state of affairs, particularly the extreme polarization that seems to preclude attempts at progress across the board. At a local level, I find Police Commissioner Jessica Tisch inspiring and respect her leadership.

Lightning Round:

Your AI platform of choice? Claude.

Who would play you in a movie? Julia Louis-Dreyfus.

One prompt you’d never give AI. Asking for investment advice.

Jalen Brunson or Aaron Judge? Jalen.

“Oppenheimer” or “Odyssey”? “Oppenheimer.”

Tom Holland, Andrew Garfield or Tobey Maguire? Tobey.

Have you ever eaten pizza with a knife and fork? Yes. Cauliflower crust.

The most money you’ve ever spent on a hamburger? Pescatarian.

Bank or non-bank? Agnostic.

Last book you read? Winter Garden by Kristin Hannah — August beach read. I podcast more.

Borrowing costs — up or down in 2027? Up.

What was your nickname when you grew up/started out? The Apprentice.

How long do we have before AI kills us all? My bet’s on humans.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) I’ll be here in NYC.