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 involves an 87,000-square-foot assemblage between First and Second avenues.
The transaction 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. That joint venture, composed of Taconic subsidiary Elevate Research Properties, Nuveen Real Estate and Flatiron Equities, had planned to construct a 200,000-square-foot, Class A research lab called Iron Horse Labs. The eight-story project was designed to benefit from proximity to Rockefeller University, Mount Sinai Medical Center and NYC Health + Hospitals. It 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, which was acquired by Bill Ackman's Pershing Square Foundation. The dispositions come as 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. LCOR's purchase of a stalled or uncertain life sciences site suggests a possible repositioning toward residential use, consistent with the buyer's multifamily focus, though no development plans were disclosed.
It remains unclear who brokered the sale at 309 East 94th Street. Spokespeople for Taconic and LCOR did not immediately respond to requests for comment. The current construction status of Iron Horse Labs and any future plans for the assemblage have not been confirmed.