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
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
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
Empire Asset Management CEO Jason Pizer and 360 Park Avenue South. (Getty, 360 Park Avenue South)
Midtown South owner offers big test for post-vaccine Manhattan
Midtown South owner offers big test for post-vaccine Manhattan
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
JLL CEO Christian Ulbrich (Photo via Jll/Twitter; Photo Illustration by Kevin Rebong for The Real Deal)
JLL earnings fell 24% in 2020
JLL earnings fell 24% in 2020
arrow_forward_ios

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

Loading...