Normandy, Columbia to buy Tribeca property for roughly $200M

Firms are purchasing 250 Church Street from Norvin Properties

TRD New York /
Feb.February 27, 2019 04:30 PM

Normandy Real Estate Partners’ Finn Wentworth, 250 Church Street, and Columbia Property Trust’s Nelson Mills (Credit: Google Maps)

Normandy Real Estate Partners and Columbia Property Trust are teaming up again, this time to purchase 250 Church Street in Tribeca for about $200 million, according to sources familiar with the deal.

The firms are buying the 15-story commercial building from Norvin Properties, which had filed plans in 2017 to convert it into a residential property with 107 units. It was unclear whether Normandy and Columbia would move forward with these plans.

Avison Young brokered the transaction.

Normandy and Columbia declined to comment on the deal, and representatives for Norvin did not immediately respond to a request for comment.

The two companies have also teamed up at 799 Broadway in Greenwich Village, where they recently finalized a joint venture for a $300 million office development that will stand 12 stories tall and span 182,000 square feet.

Normandy has also teamed up with L&L Holding Company on the massive Terminal Stores project in West Chelsea, which the firms purchased for $880 million in the fall. They plan to spend four years turning it into a $1.8 billion property.


Related Articles

arrow_forward_ios
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
IKEA Chief Sustainability Officer Pia Heidenmark Cook (IKEA, iStock)

Ikea will buy back your old furniture on Black Friday

Ikea will buy back your old furniture on Black Friday
107 Chambers Street and Allison and Frederick Thompson (Google Maps, Tribeca Health & Fitness) 

Another fitness studio in Manhattan goes belly-up

Another fitness studio in Manhattan goes belly-up
Blackstone’s Kathleen McCarthy with 440 Saw Mill River Road, Ardsley, New York and 1000 Gateway Boulevard in San Francisco, California (left) (Blackstone; BioMed Realty)

Blackstone bets big on life-science buildings with $14.6B deal

Blackstone bets big on life-science buildings with $14.6B deal
arrow_forward_ios

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

Loading...