Real Estate
Boutique Office Building Slated For West Village
Columbia Property Trust​ is paying more than $70 million for a majority stake in the project, according to a report.
WEST VILLAGE, NY — A swanky boutique office building is coming to the intersection of Broadway and East 11th Street, Crain's New York reported.
Columbia Property Trust is paying more than $70 million to purchase a majority stake in the 799 Broadway project and is joining co-owner Normandy Real Estate Partners. The developers aim to raze the current six-story brownstone and build a modern, glassy building with luxury offices, the website reported.
Columbia is purchasing the stake in the West Village project from Ares Management, which originally purchased the building with Normandy for $101 million in 2016, according to property records review by Crain's.
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The sale is expected to close by the years end with costs to build the boutique office space estimated at $150 million, the website reported.
Rendering of the building planned for 799 Broadway (Image courtesy of Normandy Realty)
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