Normandy ups stake in FiDi office towers

NJ investment firm paid $54M

New York /
Aug.August 30, 2017 05:55 PM

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.


Related Articles

arrow_forward_ios
 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
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty names Mahbod Nia as CEO
Mack-Cali Realty names Mahbod Nia as CEO
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
Mayor Bill de Blasio (Getty, iStock)
NYC to revive $17B in public construction projects
NYC to revive $17B in public construction projects
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
(Getty)
Hotel stocks went bonkers in February
Hotel stocks went bonkers in February
arrow_forward_ios

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

Loading...