GFP Real Estate closed a refinancing loan for its six-story building in SoHo. The property is 98 percent leased with a mix of office and retail tenants. The new loan replaces a $100 million loan that originated in 2015.
GFP Real Estate Secures $83M Refinancing for 100 Crosby St.
The 175,000-square-foot Neo-Grecian building at 100 Crosby St. secured refinancing. GFP Real Estate announced the successful closing of an $83 million loan from TD Bank and BNY. Paul Talbot, senior managing director of Newmark, represented the company in securing the loan.
GFP Real Estate is a multigenerational owner, operator, property manager, and developer. With a legacy of shaping New York City and the Tri-State Region since 1952, it owns and manages over 80 properties.
It replaces the existing $100 million loan that originated in 2015. It is a long-term ownership strategy that was made possible through the support of the lenders.
“We’ve owned this building for a long time, and it has consistently performed because of its location, its tenants, and a disciplined approach to ownership,” said Jeffrey Gural, chairman of GFP Real Estate. “This refinancing is another example of that long-term strategy at work, and we’re grateful to TD Bank and the BNY for their longstanding support of the building as lending partners.”
Tenant Mix and Leasing Performance
The 100 Crosby St. building is a 98 percent leased office and retail building owned by GFP Real Estate. It maintains a diverse office tenant mix of finance-technology, venture capital, and real estate sectors. It also includes direct-to-consumer startups and creative event production agencies.
Other tenants include Billie Inc., Rho, Runway Growth Capital, Little Spoon, Shine Capital, and Empire Entertainment. The major retail tenants in the building, comprising one-third of its tenancy, are American Eagle and Aritzia.
“100 Crosby Street continues to attract creative companies and growth-stage firms drawn to the cool factor of a prime SoHo address, the building’s corner location, and its historic design elements, like exposed brick and large arched windows,” said Neith Stone of GFP Real Estate, who oversees the firm’s SoHo and NoHo portfolio. “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.”
Architectural Significance and Amenities
Designed by architect Thomas Stent, 100 Crosby was built in 1884 in a Neo-Grecian style. Formerly 560 Broadway, it is located in SoHo’s Cast-Iron Historic District. The relocated lobby and entrance represent the unique architectural character of the surrounding neighborhood.
Materials such as backlit “bullet-glass,” exposed brick, white marble, and large original timber beams were salvaged during renovation. These architectural elements are highlighted in the lobby’s ceiling. The property offers a convenient commute to tenants, with access to the R and W trains at the building. The 6 train is also only a block away from the building.
The refinancing shows GFP Real Estate’s long-term commitment to the historic building. It is a stable asset in the firm’s portfolio, with strong occupancy and a diverse tenant mix.
