Normandy lands SL Green loan for
ABC Carpet & Home redevelopment

Total project cost pegged at $250M: sources

TRD New York /
Dec.December 13, 2017 08:37 AM

880-888 Broadway and Normandy’s Finn Wentworth

UPDATED, Dec. 13, 10:00 a.m.: Normandy Real Estate Partners secured a $170 million mortgage from SL Green Realty to fund the acquisition and redevelopment of ABC Carpet & Home’s headquarters in the Flatiron District.

The investment firm is paying $133 million for the property at 880-888 Broadway and a connected building at 38 East 19th Street — a deal The Real Deal first reported in August. The sale closed this week, the New York Post reported. Sources said the total redevelopment cost is pegged at $250 million.

Dustin Stolly (Photo by Emily Assiran)

A Newmark Knight Frank team led by Dustin Stolly and Jordan Roeschlaub brokered the loan. Warwick Capital Management served as an adviser for Normandy on the sale. They declined to comment, as did Normandy and SL Green.

As part of the sale agreement, ABC is keeping a 20,600-square-foot retail condo and will lease part of the buildings. The space Normandy is buying spans 217,500 square feet.

The company also owns the nearby office building 797-799 Broadway, which it considered redeveloping.

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