Jones Lang LaSalle announced this week that it had secured a $72 million loan on behalf of Normandy Real Estate Partners, a N.J.-based investment firm led by David Welsh and Finn Wentworth, for 125 W. 25th Street. French bank Natixis provided the financing on the 12-story property, which will allow Normandy to complete renovations to the building. Normandy originally purchased the building out of foreclosure for $54.5 million in 2013; prior to that, the former owners were Brooklyn-based investors Miriam and Michael Chen, who paid $34 million for it in 2006 but defaulted on a loan given to them by lender Cathay Bank.
"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," said 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."
125 West 25th Street is located on West 25th Street between Sixth and Seventh Avenues – approximately one block west of Madison Square Park. The property offers 11,600 square foot floor plates with open layouts and light on three sides, resulting in a bright, collaborative work setting. The comprehensive renovation will include a glass façade on the first three stories, brand new building systems, lobby renovations, a roof deck, and new elevators, windows and floors.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment