Normandy, L&L and J.P. Morgan JV closes $880m acquisition of Terminal Stores in West Chelsea

A new joint venture partnership among L&L Holding Company, Normandy Real Estate Partners and an institutional investor advised by J.P. Morgan Asset Management has acquired Terminal Stores, a 1.2 million-square-foot complex in West Chelsea, N.Y.

The partnership acquired the property, which spans the entire block bounded by Eleventh Avenue, Twelfth Avenue, West 27th Street, and West 28th Street, from Waterfront New York and GreenOak Real Estate Advisors.

The $880 million acquisition and subsequent redevelopment of the Terminal Stores will be financed in part by $520 million in equity from Normandy, L&L Holding, J.P. Morgan, and other institutional investors. In addition, Blackstone Mortgage Trust has led the $650 million acquisition and predevelopment loan along with Apollo and Goldman Sachs as co-lenders.

Normandy, L&L and J.P. Morgan will further transform the historic, former warehouse complex into a cutting-edge office and retail destination. To d