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

271 11th Avenue
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This Office property located in NY was sold for $900,000,000 over 5 years ago. The brokers of the deal were Darcy Stacom and William (Bill) Shanahan

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.

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Deals
  • Location
    271 11th Avenue, Brooklyn, NY 11215271 11th Avenue, Brooklyn, NY 11215
  • Sale Price
    $900,000,000$900,000,000
    $750 PPSF$750 PPSF
  • Area
    1,200,000 SF1,200,000 SF
  • Asset Type
    OfficeOffice
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

William (Bill) Shanahan

William (Bill) Shanahan

Deals19
Sold$6.3B

Darcy Stacom

Darcy Stacom

Deals27
Sold$8.2B

Agency

CBRE

CBRE

Agency
Deals4231
Volume$184.3B

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Deal Summary

IN CONTRACT IMAGE: David Welsh, Robert Lapidus (@Rlapidus212) and David Levinson DATE: 07/29/2018 ADDRESS: 271 11th Ave PROPERTY NAME: CITY: MARKET: ASSET TYPE: PRICE: $900,000,000 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 BROKERS: @CBRE Darcy Stacom & Bill Shanahan NOTE: WFNY purchased the for 12M in 1983. PLANS: Convert 500K SF of Storage into Office or some other use per @KeikoMorris of @WSJ. - FUN FACTS: @Rlapidus212 & Levinson ( ā€œL&Lā€ ) are also building , the first full block office skyscraper built on Park Avenue in nearly 50 years #šŸ‘‘. They together own/manage 6+ Million Sf of Class A Commercial Office in . EST in 2000, and now have grown a team of 250 people.

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271 11th Avenue

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