GFP Real Estate Seals $23M Refi For TriBeCa Building – Trade Observer

Having the right tenants pays off especially for some businesses.

GFP Real Estate refinances itself 71 Thomas Street to TriBeCa with a $23.3 million loan from Capital one to attempt to reposition the asset, which is currently occupied by the New York State Supreme Courtk and the New York City Human Resources Administrationdepending on the firm.

The seven-story, 133,000 square foot building has been in GFP’s portfolio since 1982 and, given the building’s reliable tenants, the company said it has received a number of competitive offers to refinance the property. , built in 1891 in the Italian style. style by architectural firm Jardine, Hill and Murdock.

Paul Talbot of Newmark brokered the deal, which included a 2.56% fixed interest rate loan with a 55% loan-to-value ratio that matures in August 2026.

“Due to the property’s strong and long-term ownership and the building’s credit tenants, we have received interest from many lenders with very attractive offers, including interest-only terms and attractive rates. lower than 2.6%,” Talbot said in a statement.

The new loan cancels a $22 million mortgage on the asset, according to the company.

Jeffrey Guralchairman of GFP Real Estate, said the company plans to hold onto the investment for the foreseeable future as the tenants in place have proven to be very beneficial to the asset.

“[The building] has two long-time major tenants – the New York State Supreme Court and HRA [ and the Investigation, Revenue and Enforcement Administration] – with whom we look forward to continuing our long-term relationship with the building,” Gural said in a statement.

Not only does the building have architectural value and access to the 1, 2 and 3 trains, but it is also woven into the history of the neighborhood.

It was erected as an addition to a large dry goods wholesale store formerly operated by HB Claflin & Co. at the turn of the 20th century, occupying almost the entire city block bounded by West Broadway, Worth Street, Church Street and Thomas Street.

Marc Hallum can be contacted at [email protected].