Normandy Real Estate has signed a contract to acquire the leasehold interest in 320 West 31st Street from GMF Capital + Onyx Equities for $88 million. The 4-story building spans 116,086 SF, and is currently occupied by Touro College, with only two years remaining on its lease, according to TRD.
- Future development opportunity: The property allows for the total development of 233,208 SF, and air rights associated with adjacent properties could offer more. The building sits across the street from Vornado + Related’s office project at the Farley Post Office where Facebook and Apple are competing to lease the space.
- Flashback: The sellers paid around $60 million for the leasehold in 2017.