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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.
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- ◦Sale/Acquisition