Normandy, Columbia to buy Tribeca property for roughly $200M
Firms are purchasing 250 Church Street from Norvin Properties
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.