Normandy seeks to generate significant return on additional capital investments by identifying critical deficiencies within a property and employing a strategy and vision for correcting them to unlock an asset’s true value.
125 West 25th Street Example Project. Within the Chelsea submarket of Manhattan South, Normandy acquired a vacant loft building in need of full redevelopment and repositioning. By undertaking thorough feasibility analysis during due diligence, Normandy was able to acquire 125 West 25th Street with a business plan to create iconic loft office space in the tightest submarket in New York City. Robust tenant demand for high ceilings, abundant natural light, outdoor space, and an authentic heritage underpinned Normandy’s thesis that the redevelopment of a functionally obsolete loft building into a state of the art mixed-use retail and creative office building would achieve top of market rents, see rapid absorption, and a residual value on par with trophy assets in core Midtown markets. Construction and redevelopment of the property included bringing the building up to stringent energy and seismic codes, adding floors and creating rooftop outdoor space, unlocking an underutilized lower level as retail space, and expanding the existing windows to provide light and air throughout the floorplate. During construction, Normandy secured a lease for 40 percent of the rentable office space and delivered a turnkey headquarters for Peloton, a leading fitness technology company.
Other Representative Projects. Normandy’s ability to redevelop existing assets to meet the market included the addition of several floors to Austell Place in Long Island City, the renovation and modernization of the lobby and all vertical transportation at 575 Lexington Avenue in Manhattan, the installation of a new all glass curtainwall façade at 1015 18th Street NW in Washington DC, and the window replacement and creation of a new street presence and entryway for 25 Deforest Avenue in downtown Summit, New Jersey.