NEW YORK CITY—Normandy Real Estate Partners has secured $72 million in financing for 125 W. 25th St., an office property in Midtown South. Jones Lang LaSalle secured the loan on behalf of Normandy and Natixis provided the loan.
“With this financing in place, our efforts are now focused on completing construction and finishing the redevelopment of the asset which will feature an open, loft-style setting and upgrades to the lobby, new enlarged windows, new elevators, and a new roof terrace and penthouse,” says Paul Teti, principal at Normandy Real Estate Partners. “We're excited to begin showing prospective tenants this ideally situated property that's in the heart of Manhattan's technology and media center.”
Adds Dustin Stolly, managing director at JLL, “Midtown South is one of Manhattan's fastest rising submarkets, and investors and lenders are taking pre-war properties and turning them into Class A assets with features that appeal to today's media and technology tenants. Backed by premier sponsorship, 125 W. 25th St. is poised to deliver strong yields.”
The 12-story, 138,000-square-foot office building is located in Midtown South's Chelsea/Flatiron neighborhood, home to a growing technology corridor. Stolly and VP Aaron Niedermayer led the JLL team on the transaction.
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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.
