A joint venture between L&L Holding and Normandy Real Estate Partners bought Terminal Stores in New York’s Chelsea neighborhood for $900m. The former freight warehouse was sold by a partnership of Waterfront New York and GreenOak Real Estate Advisors. The full-block Terminal Stores building opened in 1891 and was once open to trains transporting freight for large and small merchants. The office building is now home to Uber Technologies, L’Oréal USA and the architectural firm Grimshaw. Since 2014, the sellers have invested approximately $50m to upgrade the facility, improving both the retail and office space. L&L and Normandy reportedly plan to revamp the property’s interiors and convert 500,000 sq ft worth of storage space into leasable area.
