Joe Chetritt has sold his 50% stake in twin Manhattan office buildings to Normandy Real Estate Partners, a leading real estate operator and fund manager. The deal gives the property a total valuation of $210 million.
With the acquisition Normandy now has a controlling stake in 80-90 Maiden Lane, in Manhattan’s financial district, and will co-own and manage the property along with AM Property Holding Corporation, Chetrit’s former partner their which will retain control of its share.
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Normandy acquired the ownership interest through a joint venture with Kushner Companies. The two adjacent buildings consist of a 25 story tower with 555, 746 square foot — 80 Maiden Lane — and a smaller four story historic building with 28, 000 square feet –90 Maiden Lane.
The properties sit in a prime location adjacent to One Chase Manhattan Plaza, four blocks from the World Trade Center site, four blocks from the Fulton Street Transit hub, and six blocks from the Seaport redevelopment.
The 80 Maiden Lane building benefits from particularly good light and air for a downtown building as it sits across from a small park and the lower rise 90 Maiden Lane has views towards the East River. 80 Maiden Lane is an H shaped building built in the early 1900’s and constructed of concrete encased steel, with concrete slab floors, a limestone façade on floors 1-4, and glazed brick on the higher floors.
90 Maiden Lane is a square shaped office building built in the 1800’s constructed of wood frame with steel and column beam reinforcement through the first floor, concrete fire stairs and two elevators; the building has high ceiling and big windows on all sides.
Adam Spies and Doug Harmon with Eastdil Secured acted as advisors for the deal.
According to a report in Crain’s, interestingly, Normandy first wanted to purchase buy 65 Broadway, another property that is also jointly owned by Joe Chetrit and AM Property Group, but Chetrit in the end chose to buy our AM’s share of that building instead of selling out. 65 Broadway, also located in lower Manhattan, is a 21 story, 350, 000 square foot office building. The buyout by Chetrit of his partner’s half there left the building with a valuation of about $140 million.
