{"id":1004709577,"date":"2024-04-09T04:11:04","date_gmt":"2024-04-09T12:11:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004709577"},"modified":"2024-04-10T01:23:06","modified_gmt":"2024-04-10T09:23:06","slug":"gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/","title":{"rendered":"GFP Real Estate Closes on $54M Refi for Vintage SoHo Office"},"content":{"rendered":"\n

GFP Real Estate LLC has closed on a $54 million loan from Apple Bank to refinance 594 Broadway, a 12-story, 250,000-square-foot office tower in Manhattan\u2019s SoHo neighborhood.<\/p>\n\n\n

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Interior at 594 Broadway in NYC. Image courtesy of GFP Real Estate LLC<\/em><\/figcaption><\/figure><\/div>\n\n\n

The new 10-year, floating-rate permanent loan matures in 2034 and replaces a 2013 loan, held initially by Capital One and later by Fortress Investment Group, that was paid off early in March 2024.<\/p>\n\n\n\n

GFP Real Estate was represented by Newmark Senior Managing Director Paul Talbot in arranging the financing, and Cynthia Wang and Howard Hsu of Apple Bank represented the lender.<\/p>\n\n\n\n

The building is nearly fully leased, and its major tenants include Hornet Animations, Housing Works, Studs and new-to-Soho-retailers Athleta and Wilson.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Can Adaptive Reuse Revitalize US Cities?<\/a><\/p>\n\n\n\n

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Sited between West Houston and Prince streets, 594 Broadway was built in 1898 by Buchman & Deisler and was originally known as the Lyons Building. It features exposed brick, high ceilings, original columns, large windows and loft-like spaces that offer abundant natural light. The building is commuter-friendly, with major subway lines (6, R and W) only one block away.<\/p>\n\n\n\n

Between 2000 and 2015, the building underwent various renovations to its lobby, restrooms, elevators, windows and HVAC. This year, it will unveil a renovated lobby interior designed by Gachot Studios, which is based in the building.<\/p>\n\n\n\n

Slow but promising<\/h2>\n\n\n\n

Office leasing in Manhattan is down 3.4 percent year-over-year, and down 27.6 percent from the first quarter of 2022, marking the lowest first-quarter leasing activity since 2021, according to a report from Avison Young. On the positive side, the report notes that two-thirds of first-quarter leasing was new leases or relocations, \u201csignaling a promising start to the year after renewal activity dominated in 2023.\u201d<\/p>\n\n\n

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594 Broadway is a 12-story office tower in Manhattan\u2019s SoHo neighborhood. Image courtesy of GFP Real Estate LLC<\/em><\/figcaption><\/figure><\/div>\n\n\n

In SoHo specifically, total availability is 19.8 percent, close to the Midtown South average of 22.2 percent.<\/p>\n\n\n\n

Last summer, two other vintage buildings on Broadway in SoHo received funding.<\/p>\n\n\n\n

\u2022  KPG Funds closed on a three-year, $50 million construction loan<\/a> to cover the renovation and repositioning of 40 Crosby, an 1873-vintage, 70,000-square-foot office building at 480 Broadway.<\/p>\n\n\n\n

\u2022  HSR Corp. obtained $58 million to refinance<\/a> a century-old, 140,000-square-foot Class A office building at 503\u2013511 Broadway. Morgan Stanley funded the five-year, fixed-rate loan on a full-term interest-only basis.<\/p>\n","protected":false},"excerpt":{"rendered":"

A local bank was the source of the loan.<\/p>\n","protected":false},"author":882,"featured_media":1004709588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[52099,33022,42380],"class_list":["post-1004709577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-apple-bank","tag-avison-young","tag-gfp-real-estate"],"acf":[],"yoast_head":"\nGFP Real Estate Closes on $54M Refi for Vintage SoHo Office - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"GFP Real Estate has closed on a $54 million loan from Apple Bank to refinance 594 Broadway, an office tower in Manhattan\u2019s SoHo neighborhood.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GFP Real Estate Closes on $54M Refi for Vintage SoHo Office\" \/>\n<meta property=\"og:description\" content=\"GFP Real Estate has closed on a $54 million loan from Apple Bank to refinance 594 Broadway, an office tower in Manhattan\u2019s SoHo neighborhood.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-09T12:11:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-10T09:23:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/594-Broadway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"796\" \/>\n\t<meta property=\"og:image:height\" content=\"598\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/\",\"name\":\"GFP Real Estate Closes on $54M Refi for Vintage SoHo Office - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/594-Broadway.jpg\",\"datePublished\":\"2024-04-09T12:11:04+00:00\",\"dateModified\":\"2024-04-10T09:23:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"GFP Real Estate has closed on a $54 million loan from Apple Bank to refinance 594 Broadway, an office tower in Manhattan\u2019s SoHo neighborhood.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gfp-real-estate-closes-on-54m-refi-for-vintage-soho-office\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/594-Broadway.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/594-Broadway.jpg\",\"width\":796,\"height\":598,\"caption\":\"Interior at 594 Broadway in NYC. 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