Manhattan Office Project Lands $187M Construction Financing

The developers, a joint venture comprising Normandy Real Estate Partners and Columbia Property Trust, will use the loan for the construction of a $300 million project in Midtown South.
Rendering of 799 Broadway

Newmark Knight Frank has arranged a $187 million loan for the construction of a 182,000-square-foot, Class A office building at 799 Broadway in Midtown Manhattan. Apollo provided the financing to a joint venture between Normandy Real Estate Partners and Columbia Property Trust.

Upon completion, expected in 2020, the 12-story property will offer 147,688 square feet of office space, 12,688 square feet of community space and 21,929 square feet of retail. Perkings+Will will design the $300 million project, which will feature a gym, expansive terraces on each floor, oversized glass windows, 15- to 17-foot ceiling heights and floor plates ranging from 3,600 to 22,000 square feet.

Located at the convergence of Union Square, Greenwich Village, NoHo and East Village, the up-and-coming asset will be within walking distance of the 14th Street/Union Square and Astor Place stations. Prominent tenants in the area include: IBM and St. John’s University at Edward Minskoff’s 51 Astor Place, Facebook at Vornado’s 770 Broadway and Atlassian and Netflix at 888 Broadway.

The Newmark Knight Frank Capital Markets team comprised Co-Chairmen Dustin Stolly and Jordan Roeschlaub and Managing Directors Nick Scribani and Chris Kramer. Prior to that, in a deal brokered by Cushman & Wakefield’s Adam Spies, Adam Doneger, Kevin Donner and Josh King, Ares Management sold its 50 percent share in the project to Columbia. Normandy’s Gavin Evans and Travis Feehan, along with Columbia’s Kevin Hoover, acted as project leads.

Image courtesy of Normandy Real Estate Partners