Featured Case Study:
888 Broadway
About The Project
Brandon Charnas discovered that ABC Carpet was looking to downsize its large footprint at 888 Broadway—a complex scenario since the company owned the building and wanted to remain on Broadway rather than fully relocate. The challenge was to find a structure that protected ABC’s presence while still making the transaction attractive and financially viable for an institutional buyer.
Strategy
Drawing on his successful partnership with Normandy Real Estate Partners from the 799 Broadway acquisition—and their increasing interest in Midtown South office assets—Brandon identified Normandy as the ideal buyer. Over more than a year of hands-on structuring and negotiation, he helped engineer a deal in which Normandy acquired the fee interest at 888 Broadway and the leasehold interest in the adjacent property, while leasing back ground-floor retail to ABC to maintain their iconic presence.
Outcome
The transaction preserved ABC Carpet’s operations on Broadway while enabling a comprehensive repositioning of 888 Broadway, which has since become one of the premier office buildings in the Flatiron District.
