GFP Lands $83M Refi for Manhattan Building

GFP Real Estate has closed on an $83 million loan from TD Bank and BNY to refinance 100 Crosby St., a fully leased, six-story boutique office building in Manhattan’s SoHo district.

Paul Talbot, senior managing director of Newmark, represented GFP in arranging the loan, which replaces a $100 million note originated in 2015 and also funded by TD Bank and BNY. That debt was set to mature in November 2025, Yardi Matrix data shows.

The 175,000-square-foot property has a diverse mix of office tenants in the fintech, venture capital and real estate sectors, in addition to several direct-to-consumer startups and creative event production agencies. The roster includes Billie Inc., Rho, Runway Growth Capital, Little Spoon, Shine Capital and Empire Entertainment.

Retail tenants comprise one-third of the building’s tenancy and include American Eagle and Aritzia, a Canadian fashion retailer that opened its space at the building last January.

The six-story boutique building is in Soho’s cast-iron historic district. 100 Crosby was completed in 1884 to a neo-Grecian design by architect Thomas Stent and was formerly known as 560 Broadway. The facility underwent cosmetic renovations in 1985 and 2017, the same data provider shows.

GFP’s Neith Stone, who oversees the firm’s SoHo and NoHo portfolio, stated, “We’ve seen strong leasing activity and high tenant renewal rates across the submarket, reflecting both SoHo’s post-COVID resilience and our commitment to continuously investing in and improving our assets.”

The NoHo/SoHo office market had a 12.9 percent overall vacancy at the end of the fourth quarter, representing a substantial drop from the 21.7 percent post-pandemic peak, according to a report from Newmark. The submarket’s office inventory is about 11.2 million square feet.

GFP’s recent office deals

Barely a week ago, GFP inked an $86.5 million refinancing loan for 515 Madison Ave., a 350,000-square-foot office building in Manhattan. The funding was provided by Apple Bank. Newmark Senior Managing Director Paul Talbot represented the firm in securing the 10-year, floating-rate permanent loan.

Additionally, last March, GFP obtained a $137.5 million refinancing loan for InnoLabs, a 266,791-square-foot office and life science building in Long Island City, N.Y. Deutsche Bank Trust Co. Americas was the lender. The LEED Gold–certified property is an adaptive reuse of a 1930s-vintage warehouse. GFP had completed the conversion in a partnership with King Street Properties, one of the building’s tenants.