The Real Deal New York

Normandy gets $72M loan to upgrade Midtown South office building

Firm pulled 138K sf property out of foreclosure in 2013

February 11, 2015 03:45PM
By Mark Maurer

125-w-25th-street

From left: Rendering of 125 West 25th Street (credit: Mancini Duffy), Normandy’s Paul Teti, Dustin Stolly and rendering of the rooftop terrace

Normandy Real Estate Partners secured a $72 million loan for its planned renovation of its 138,000-square-foot Midtown South office building at 119-125 West 25th Street, The Real Deal has learned.

French bank Natixis provided the financing on the 12-story property, located between Sixth and Seventh avenues, said JLL’s Dustin Stolly, who brokered the deal along with colleague Aaron Niedermayer.

In 2013, Normandy, a Morristown, N.J.-based investment firm led by David Welsh and Finn Wentworth, bought the building out of foreclosure for $54.5 million, as TRD reported. The former owners were Brooklyn-based investors Miriam and Michael Chen, who paid $34 million for it in 2006 but defaulted on a loan given to them by lender Cathay Bank.

As part of the renovation, the property will get bigger windows, new elevators, a new roof terrace and an upgraded lobby and office penthouse space, Teti said.

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