A new transaction takes place
The Jersey Real Estate firm has big plans for their freshest purchase: a warehouse stake. The property is located in Long Island City and will be eventually expanded into a 195k square foot office space. Sources close to Normandy itself have shared this information. Two separate firms handled the debt financing and the office leasing of the property: JLL and CBRE respectively.
Consequently, the operation was finished earlier this week. The property as a whole is a six-story, 130k square foot industrial giant and is located at 43-10 23rd Street. Though they are the main investors in this transaction, Normandy is not working alone. The firm has partnered with Leon Kassabian –of Kassabian Realty- with the goal to redevelop it together.
Plans for the future
As far as the redevelopment budget goes, sources have said that Normandy managed to secure a $66 million investment from AllianceBernstein, the fund manager company headquartered in New York City. Though not all of the tenants that will occupy the facility are known, it has been confirmed that baby furniture maker The Baby Sweet and art restoration company Gloria Velandia Art Conservation are two firms that will reside in the redeveloped space.
In addition, a Normandy spokesperson confirmed that the newly minted partnership between the real estate firm and Kassabian have big plans for this property. They will completely redo the building, renovating its lobby and equipping it with more outdoor spaces. The Kassabian family wish to participate in its renovations due to the fact they have owned the property since the 1980’s.
The new partners
Since Kassabian has been an investor in Queens for a long time, this is not his only recent deal. Especially relevant, he has also sold a 50k square foot warehouse based at 30-12 41st Avenue in Long Island City. The buyer? LargaVista Companies, who paid $27 million for the property.
When it comes to Normandy, the firm has already established itself as a strong investor. This firm has a long story of being very active in acquisitions of similar nature to this one. Most noteworthy, the company purchased a majority stake in the Dumbo Heights office complex. This was a $100 million investment for Normandy. The new address of this complex is at 125 West 25th Street and 797-799 Broadway in Greenwich Village. [The Real Deal]