Managing Director Dustin Stolly and senior VP Aaron Niedermayer of the JLL Capital Markets team brokered the debt financing on behalf of Normandy. Paul Amrich and Neil King of CBRE are the exclusive leasing agents for the property.

“Along with Kassabian Realty, we're looking forward to repositioning this well-located asset into one of Long Island City's leading office spaces by redeveloping it into a Class A loft-style, creative building,” says Travis Feehan, principal, Normandy Real Estate Partners. “This property sits in an ideal location, with new residential development and retail amenities in close proximity and excellent transportation access to Midtown Manhattan and Brooklyn.”

The building offers direct access to the 7, E, M, and G lines via Court Square Station providing rapid transit to Midtown Manhattan, Grand Central Terminal, Port Authority and Penn Station along with direct access to Greenpoint and Williamsburg in Brooklyn.

Last month, Nippon Telegraph and Telephone Corp. subsidiary NTT Urban Development Corp. took a 15% equity interest in Normandy's management platform. Normandy manages more than $1.5 billion of equity capital on behalf of institutional investors.

Normandy and a group of investors acquired 47-27 Austell Place in Long Island City, another industrial building, from Time Equities in late 2015 for $35 million.

Normandy Real Estate Partners is focused on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets. The firm currently owns and operates a portfolio that totals more than 14 million square feet and has a development pipeline of approximately 4 million square feet.

NEW YORK CITY—Normandy Real Estate Partners has purchased an undisclosed stake in the planned redevelopment of an industrial building on 23^rd Street in Long Island City.

The real estate operator and investment fund manager headquartered in Morristown, NJ reports that with the capital infusion, Normandy and partner Kassabian Realty plan to immediately begin a capital improvement program at the property located at 43-10 23rd St. The capital improvements at the property will include a full gut rehabilitation, new systems, renovation of the lobby and the addition of multiple outdoor spaces. The redevelopment at the property will transform the industrial building into a Class A loft-style office building.

With the stake that Normandy purchased, the gross valuation of the property is approximately $54 million, according to a Normandy spokesman.

Upon renovation, the building, which is located on nearly a full city block bound by 23rd Street, and 43^rd and 44^th avenues, will offer approximately 195,000 square feet of office and retail space.

Managing Director Dustin Stolly and senior VP Aaron Niedermayer of the JLL Capital Markets team brokered the debt financing on behalf of Normandy. Paul Amrich and Neil King of CBRE are the exclusive leasing agents for the property.

“Along with Kassabian Realty, we're looking forward to repositioning this well-located asset into one of Long Island City's leading office spaces by redeveloping it into a Class A loft-style, creative building,” says Travis Feehan, principal, Normandy Real Estate Partners. “This property sits in an ideal location, with new residential development and retail amenities in close proximity and excellent transportation access to Midtown Manhattan and Brooklyn.”

The building offers direct access to the 7, E, M, and G lines via Court Square Station providing rapid transit to Midtown Manhattan, Grand Central Terminal, Port Authority and Penn Station along with direct access to Greenpoint and Williamsburg in Brooklyn.

Last month, Nippon Telegraph and Telephone Corp. subsidiary NTT Urban Development Corp. took a 15% equity interest in Normandy's management platform. Normandy manages more than $1.5 billion of equity capital on behalf of institutional investors.

Normandy and a group of investors acquired 47-27 Austell Place in Long Island City, another industrial building, from Time Equities in late 2015 for $35 million.

Normandy Real Estate Partners is focused on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets. The firm currently owns and operates a portfolio that totals more than 14 million square feet and has a development pipeline of approximately 4 million square feet.