New Jersey-based Normandy Real Estate Partners has acquired, for $54 million, a stake in the six-story, 130,000-square-foot industrial building at 43-10 23rd Street, located between 43rd and 44th avenues in the Court Square section of Long Island City. Normandy, with property owner Kassabian Realty, is planning to redevelop the property into a 195,000-square-foot office building, The Real Deal reported.
The existing structure would be fully converted, with a renovated lobby, and would also receive an expansion. Recently, $66 million in financing was secured for acquisition and construction costs. A construction timeline has not been disclosed. The industrial building currently contains manufacturing and creative-office tenants.