Thorofare Capital, a national, vertically integrated commercial real estate investment manager and affiliate of Callodine Group, announced it provided $15.7 million in first mortgage financing to a partnership of KPG Funds, LaSalle Global Partner Solutions and Goldman Sachs Asset Management for the acquisition of 478-482 Broadway in New York City. The property, which is also known as 40 Crosby, is a mixed-use prewar building located in the prestigious SoHo neighborhood and consists of 69,097 square feet spanning various uses, including retail, office, storage and residential.
The KPG Funds–led venture acquired the property from Vornado Realty Trust as part of a two-building, $85 million portfolio transaction, which also included 155 Spring Street. In a prior release, KPG announced its plans for the 480 Broadway property, which will be repositioned as a boutique luxury office building branded as “The Crosby,” atop destination retail space with Broadway frontage.
