New York, NY – May 26, 2017 – Normandy Real Estate Partners, a leading real estate operator and fund manager, today announced they have acquired a stake in 43-10 23rd Street in Long Island City. Normandy is partnering with the current owner, Kassabian Realty, on the planned redevelopment, which will transform the industrial building into the top Class A loft-style, creative office buildings in Court Square.
Normandy and Kassabian will immediately commence a capital improvement program that will include a full gut rehabilitation, new systems, renovation of the lobby, and add multiple outdoor spaces. The asset benefits from great transportation access, ceiling heights of 13 feet and up, and views of New York City.
“Along with Kassabian Realty, we’re looking forward to repositioning this well-located asset into one of Long Island City’s leading office spaces by redeveloping it into a Class A loft-style, creative building,” said Travis Feehan, Principal, Normandy Real Estate Partners. “This property sits in an ideal location, with new residential development and retail amenities in close proximity and excellent transportation access to Midtown Manhattan and Brooklyn. Once completed, 43-10 23rd Street will be the premier office building and a highly desired destination for tenants in Long Island City.”
Upon renovation, 43-10 23rd Street – which is located on nearly a full city block bound by 23rd Street, 43rd Avenue and 44th Avenue – will offer approximately 195,000 square feet of office and retail space with direct access to the 7, E, M, and G lines via Court Square Station providing rapid transit to Midtown Manhattan, Grand Central Terminal, Port Authority, and Penn Station along with direct access to Greenpoint and Williamsburg in Brooklyn.
Managing Director Dustin Stolly and Senior Vice President Aaron Niedermayer of the JLL Capital Markets team brokered the debt financing on behalf of Normandy. Paul Amrich and Neil King of CBRE will be the exclusive leasing agents for the property.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting. Our focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where we own and operate one of the largest private real estate portfolios in the region totaling over 14 million square feet and a development pipeline of four million square feet. Our deep local relationships, vertically-integrated capabilities, and diversely-experienced team give us a distinct advantage, which enables us to consistently turn under-achieving real estate into exceptional high-yielding investments.
Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit www.normandyrealty.com.