Publications

GFP Real Estate JV closes on $430m construction loan for NYC redevelopment project
Transactions - OCTOBER 4, 2019

GFP Real Estate JV closes on $430m construction loan for NYC redevelopment project

by Released

GFP Real Estate and Northwind Group have closed a $430 million construction loan with Square Mile Capital Management for the redevelopment of 100 Pearl St., a 970,000-square-foot office building in the Financial District, one of the foremost commercial property districts in Manhattan.

Led by the Gural family, GFP Real Estate and its partners have already leased the 526,552-square-foot 50 Water St. portion of the building to New York City Health + Hospitals. The partners report having strong interest from a variety of tenants for the remaining portion of the property, which is being renamed 100 Pearl St.

“We have always believed in the re-emergence of Downtown as a place where leading tenants want to be. We are thrilled to commence construction next week and add 100 Pearl St. to GFP’s growing portfolio,” said Brian Steinwurtzel, co-CEO of GFP Real Estate.

Square Mile Capital principal Sean Reimer commented, “The 100 Pearl St. redevelopment has all the hallmarks of an outstanding project. It is strategically well located in a very desirable submarket of Manhattan, with extremely strong sponsorship and an anchor tenant already committed. We are very pleased to provide the financing.”

When Guardian announced two years ago plans to move its headquarters to 10 Hudson Yards, GFP Real Estate committed to invest the significant capital required to modernize 100 Pearl St.. GFP’s renovation plan includes the construction of a modern lobby as well as new mechanical equipment and infrastructure.

“The downtown office market continues to thrive with nearly 6 million square feet leased year to date,” said Adam Spies, chairman, capital markets, at Cushman & Wakefield. “GFP has clearly taken advantage of this momentum with an incredibly redesigned asset that will no doubt attract top tenants.”

Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York Tri-State Region. With more than 54 buildings and more than 12 million square feet under ownership, GFP’s portfolio includes some of New York City’s most iconic real estate assets, including the Flatiron Building (175 Fifth Ave.), The Film Center Building (630 Ninth Ave.), 515 Madison Ave., 1560 Broadway and 40 Worth St. In addition to managing and leasing its own properties, GFP also provides management and leasing services to third-party building owners, representing an additional 22 buildings that cover more than 4 million square feet. The combined GFP portfolio of both owned and managed properties totals 76 buildings and approximately 17 million square feet.

Forgot your username or password?