Terminal Stores' $900M Sale: A Perfect Storm

The Terminal Stores building recently sold for $900 million./photo by Betsy Kim

NEW YORK CITY—L&L Holding Co. and Normandy Real Estate Partners are buying Terminal Stores, at 271 Eleventh Ave. from Waterfront New York and GreenOak Real Estate Advisors for $900 million, as reported in The Wall Street Journal. CBRE‘s Darcy Stacom and Bill Shanahan represented the sellers.

The 1.3 million square-foot former warehouse extends from W. 27th to W. 28th streets, spanning Eleventh to Twelfth avenues. The WSJ noted the price tag was triple the property’s valuation four years ago. In 1983, Waterfront purchased the property for $12 million. In 2014, when GreenOak acquired a 49% interest in the property, it was valued at $300 million. That partnership invested $50 million renovating office and retail space in the building.