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

Firm pulled 138K sf property out of foreclosure in 2013

New York /
Feb.February 11, 2015 03:45 PM

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.


Related Articles

arrow_forward_ios
44 West 37th Street and Ray Yadidi of the Sioni Group (Google Maps, LeadCandy)
Yadidis sell Midtown South office building for $49M
Yadidis sell Midtown South office building for $49M
Building Engines CEO Tim Curran and JLL CEO Christian Ulbrich (Building Engines, Getty)
JLL buys Building Engines for $300M
JLL buys Building Engines for $300M
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
511 Barry Street and CenterPoint Properties CEO Bob Chapman (CBRE, GI Partners)
CenterPoint buys second warehouse in Hunts Point
CenterPoint buys second warehouse in Hunts Point
JLL CEO Christian Ulbrich and JLL Income Property Trust CEO C. Allan Swaringen (JLL, iStock)
JLL arm buys $560M stake in single-family rental portfolio
JLL arm buys $560M stake in single-family rental portfolio
JLL purchases artificial intelligence startup
JLL purchases artificial intelligence startup
JLL purchases artificial intelligence startup
1325 Sixth Avenue and 10 Jay Street (Paramount Group, ODA)
Manhattan’s sublease glut may be coming to an end
Manhattan’s sublease glut may be coming to an end
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...