Normandy Real Estate Partners found what it viewed as the perfect spot for a high-end Manhattan office development: the upper floors of the ABC Carpet & Home building, a retail industry landmark. Last year, Normandy closed on a $133 million deal for the upper portion of ABC Carpet’s flagship store in the Union Square and Flatiron District neighborhoods, with plans for a $40 million conversion of several floors of retail space into office space.

Source: Wall Street Journal February 25, 2018 20:37 UTC