Portion of ABC Carpet building sold as part of $133M deal

 

Normandy Real Estate Partners has closed on the purchase of a portion of the ABC Carpet & Home building at 888 Broadway — as well as the long-term leasehold of the adjacent 38 E. 19th St., which runs entirely behind it through the block to 35 E. 18th St.

Pricing was $93 million for the corner Broadway building and $40 million for the leasehold, sources said.

The two buildings have floors that blend seamlessly together, and Normandy expects to create Class A offices with a new lobby. It will also upgrade elevators, mechanicals and windows and install a roof deck.

Paul Amrich and Neil King of CBRE have been hired to lease the new offices with asking rents “that will start with a one,” sources said.

As 888 Broadway is converted into an office condominium, Normandy will own the second through sixth floors and ABC will retain the first floor and basement for its store. But ABC will also lease back an office floor for its executive offices as well as its ground-floor restaurant at 38 E. 19th St.

Normandy, run by David Welsh, Finn Wentworth and Jeffrey Gronning, could not be reached for comment.

In this area, they own properties that include the neighboring 799 Broadway, 575 Lexington and 80-90 Maiden Lane as well as 175 Pearl in Dumbo and 47-11 Austell Place in Long Island City.

ABC did not return a call requesting comment.