Denham Wolf Takes New Role with Historic Building

New York, New York — December 28, 2007 — Denham Wolf Real Estate Services, Inc. proudly announces the acquisition and redevelopment of the BankNote building, in Hunts Point, the Bronx, in a new joint venture with Taconic Investment Partners, a respected development firm. By initiating real estate development projects for the company itself, Denham Wolf has broadened the firm's business model.

Denham Wolf has more than a decade's experience in providing real estate consulting services for nonprofit clients. This project marks the first time the company has stepped outside the consulting and project management role.

"This is a logical extension of our real estate work with nonprofits, and an opportunity to achieve our values in a new way," said Jonathan Denham, a company partner. "We want to develop projects that provide affordable space to creative businesses and organizations while making a positive, responsible contribution to the communities where they are located.

Denham continued, "When we saw the American BankNote Building with its arched windows and saw-tooth sky lights, we knew we had our project. Our vision is to ensure the adaptive reuse of an important landmark and the creation of a destination for the neighborhood, the borough and the City. We intend the project to be locally rooted and supported, and to reflect the diversity of the South Bronx."

Denham noted that in the BankNote project, and future projects, Denham Wolf plans to create a vibrant creative and economic "ecosystem." These projects will provide space for non-profit organizations and related for-profit businesses and will use environmentally sustainable design and architecture appropriate to the site and neighborhoods where they are located.

The American BankNote Building is a 400,000+ square foot, 1911 building in which foreign currencies, postage stamps, and bonds were printed until 1968. Fondly known by locals as the "Penny Factory," the massive historic structure sits prominently on a hill visible from across the borough.

It is already home to a number of individual artists, community-based organizations, arts groups and creative businesses. This thriving tenant mix, including Arthur Aviles Typical Theatre, BAAD! The Bronx Academy of Arts and Dance, Sustainable South Bronx, and the Lightbox-NY provides a natural foundation for the diverse activity envisioned at the site.

"The creative energy is already there," says Denham Wolf partner Paul Wolf. He adds, "The property's high ceilings and enormous windows provide abundant natural light that is extraordinary and especially appealing for the presentation of visual arts and other design uses."

The partners intend to preserve the presence of individual artists by offering discounted rents.

Denham Wolf and Taconic Investment Partners have received overwhelming and unanimous support for their development efforts from the local Community Board and from elected officials representing every level of government (City, Borough, State, Federal).

The BankNote project complements the City's economic development initiatives in Hunts Point. With new tenants attracted to the site, now more than half empty, more than 1,000 new jobs are expected to result from the BankNote's redevelopment. Rents will be competitively priced and incoming tenants will be eligible for extensive incentives through the City and State.

"We're committed to using local businesses in all aspects of the development process," says Paul Wolf. "We're already using a local public relations firm, Bronx-based caterers and other vendors, and local contractors for preliminary building repairs. We have developed a list of local firms to bid out future construction work."

The BankNote will be designated a landmark by the New York City Landmark's Preservation Commission, a designation supported by Denham Wolf and Taconic Investment Partners, as well as Bronx Community Board. The partners plan to work with the Commission to develop a historically sensitive adaptive re-use plan. Taconic Investment Partners has considerable experience in adaptive reuse and the project architect, Beyer Blinder Belle, has worked on major New York preservation projects including the Ellis Island Museum, Grand Central Terminal and the Apollo Theater.

The developers will also be pursuing a LEED rating from the United States Green Building Council.

About the Co-Developers Since its inception in 1997, Taconic Investment Partners LLC has acquired and developed more than ten million square feet of office properties in New York City, Chicago, Washington, D.C. and Atlanta. In addition, it has acquired large residential complexes in Brooklyn and the Bronx totaling some 3,200 units, is co-developer of a 550,000-square-foot mixed condo and rental property, with 460 units, in Manhattan's West Chelsea area, has assembled significant land holdings in Coney Island (Brooklyn) for residential development, and just completed a prime site in the Meatpacking district of Manhattan, a portion of which has been leased by Apple Computer. For more information visit: www.taconicinvestments.com.

Denham Wolf is a real estate consulting and development firm that specializes in representing the not-for-profit sector nationally. Denham Wolf helps clients plan for, acquire, and build real estate. Founded in 1998 by Jonathan Denham and Paul Wolf, the firm has worked with more than 125 organizations to plan and develop well in excess of a million square feet of space.