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New York

Deal with Chetrit lands Normandy 50 percent stake in FiDi site

Transaction values the properties on Maiden Lane at $210M

90 Maiden Lane, Joe Chetrit and 80 Maiden Lane
90 Maiden Lane, Joe Chetrit and 80 Maiden Lane

Normandy Real Estate Partners is purchasing a 50 percent stake in the Financial District’s twin-building office property 80 and 90 Maiden Lane – a deal that values the properties at about $210 million.

80 Maiden Lane is the larger of the two structures. It’s’ a 25-story building with nearly 560,000 square feet, while 90 Maiden Lane is just four stories and 30,000 square feet.

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Normandy is buying the share from landlord Joe Chetrit, according to Crian’s. AM Property Group is holding on to the other 50 percent stake, according to the site.

Initially, Normandy had been in negotiations to buy 65 Broadway, which is also jointly owned by Joe Chetrit and AM Property Group. However, sources told Crain’s that through a series of intense and complex negotiations, Chetrit wound up buying out AM Property at 65 Broadway to consolidate his interest in the building. In exchange, Chetrit agreed to sell the Maiden Lane buildings. [Crain’s]– Christopher Cameron