The Real Deal New York

Normandy ups stake in FiDi office towers

NJ investment firm paid $54M
By Konrad Putzier | August 30, 2017 05:55PM

80-90 Maiden Lane, Normandy’s David Welsh

Normandy Real Estate paid $54 million to increase its stake in two Financial District office towers, according to property records filed with the city Wednesday.

The buildings, 80 and 90 Maiden Lane, span 583,000 square feet. Robert Wolf’s Read Property Group and the Chetrit Group were the property’s sole owners until 2014, when Normandy and Kushner Companies joined the club and bought a 50 percent stake.

It was not immediately clear if Read and Kushner were entirely bought out as a result of the latest deal.

A $145 million debt on the property, previously in the names of Normandy, Read and Kushner, is now in Normandy’s name only, property records show.

When Kushner and Normandy first bought a stake in 2015, they valued the building in 2015.