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Normandy Real Estate Partners and Ares Management are considering developing a boutique office building at 797-799 Broadway.
The plan, according to The Real Deal, would be to develop a 200k SF Class-A building on the site, which the partners picked up over the summer for $101M. Right now, there is a 138k SF Class-B office building on the site, which was converted from its original use as a hotel.
Leases that run through 2019 would keep demolition and construction work from starting until then. There could be an option to expand the scope of the project by buying air rights from Grace Church at 802 Broadway, across the street.
The area has scant supply of recently built ground-up office product, with the notable exception of Minskoff Equities’ 51 Astor Place. According to TRD, some brokers who know about the project are referring to it as “51 Astor Two.”
