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Chelsea’s Terminal Stores Building Under Contract for $900M

A partnership of L&L Holding Co. and Normandy Real Estate Partners is under contract to acquire the Terminal Stores Building in Chelsea for $900 million, the Wall Street Journal reported Sunday. The former warehouse, which now houses the offices of Uber and L’Oreal, was valued at $300 million just four years ago when GreenOak Real Estate acquired a 49% stake in the 1.2-million-square-foot property.

The WSJ reported that the sale reflects the dramatic evolution in the formerly industrial Far West Side. As a case in point, when Waterfront New York acquired the property in 1983, it paid just $12 million.

Built in 1891, the Terminal Stores Building originally had railroad tracks running through the middle. It has since been substantially renovated, and the new ownership plans further renovations, converting 500,000 of storage space into leasable area.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition