1370 Ave. of the Americas Goes to New Fund for $148M

NEW YORK CITY-A newly formed fund flying under the banner of Normandy Real Estate Partners has snatched up 1370 Ave. of the Americas–before it hit the market. Eastdil Realty represented owner Westbrook Partners and Stellar Management in the deal, valued in the low to mid $400s per sf, according to one source, or roughly $148 million. The deal, expected to close within a month and is Normandy’s first Manhattan office property, was done in joint venture with Scott Landis, who bills himself as an “independent” real estate entrepreneur. Normandy’s managing principal is David Welsh, most recently with Morgan Stanley. Welsh, who also served a stint as head of Northeast investments at what is now the Gale Co., says the fund is backed by “a group of high-net-worth” individuals.

A source says that the pair beat out a number of “anxious” buyers–bridesmaids, he termed them–who had just turned their attentions from 450 Park. Ave., the 350,000-sf asset purchased by a joint venture between Taconic Investment Partners and New York State Common Retirement Fund. (Click on: Taconic Investments JV Purchases 450 Park for $158M). The purchase was made with what the pair termed “conventional financing.