NEW YORK CITY—Normandy Real Estate Partners has received $81 million in financing through a partnership with Keystone Equities and Drake Street Partners, for the acquisition, development and repositioning of 25-11 49th Ave. in Long Island City, Queens.
The buyers purchased the property, a 109,200 square-foot warehouse built in 1919, in Feb. 2018 for $39.1 million, from Howard Weinstein, according to Real Capital Analytics.
The developers plan to convert the vacant, two-story, 135,000 square-foot loft-style property into a 238,000 square-foot building with 11 stories. Nine stories will be built on top of the existing structure.
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