L&L Holding Co. And Normandy Real Estate Partners Acquire 1.2 Million SF Property For $900M

The property located at 271 11th Ave is currently under contract. The transaction involves an undisclosed property type with a value of $900,000,000. The property spans approximately 1.2 million square feet, resulting in a price per square foot of $750. The transaction is being brokered by CBRE's Darcy Stacom and Bill Shanahan.

Summary of transaction details

• Property Type: Not disclosed
• Transaction Amount: $900,000,000
• Address: 271 11th Ave
• SF: 1.2 Million
• PPSF: $750
• Seller: Waterfront NY and Greenoak Real Estate
• Buyer: L&L Holding Co. and Normandy Real Estate Partners; Finn Wentworth, David Welsh, and Jeff Gronning

The sellers of the property are Waterfront NY and Greenoak Real Estate, while the buyers are L&L Holding Co. and Normandy Real Estate Partners, represented by Finn Wentworth, David Welsh, and Jeff Gronning. The transaction was facilitated by CBRE brokers, Darcy Stacom and Bill Shanahan.

It is noteworthy that Waterfront NY purchased the property for $12 million in 1983. The future plans for the property include converting 500,000 square feet of storage space into office space or a different use, as reported by Keiko Morris of the Wall Street Journal.

Additionally, David Welsh, Robert Lapidus, and David Levinson, who are involved in this transaction, are also building the first full block office skyscraper on Park Avenue in nearly 50 years. This team collectively owns and manages over 6 million square feet of Class A Commercial Office space. They established their presence in the market in 2000 and have since grown their team to 250 people.