NEW YORK CITY-Normandy Real Estate Partners and Waterbridge Capital have closed on 119 W. 25th Street, a 135,000 square foot, loft-style office building in Midtown South. The joint venture will redevelop the property into a Class A office building with ground floor retail. Normandy will oversee the property management, leasing, and redevelopment.
There were no brokers involved in the transaction. The acquisition marks Normandy's third recent purchase in Manhattan, having also picked up 1370 Broadway and 575 Lexington Ave. Normandy is deploying capital improvement programs at both buildings in order to reposition the assets.
Normandy declined comment on its most recent buy or on the reason behind its increased interest in Manhattan office space. At the West 25th Street property, Normandy plans to install a new lobby, new window and make other extensive improvements to the building, sources say.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
