GFP Real Estate closes on $23.3 million refinance loan from Capital One

Manhattan, NY GFP Real Estate, LLC closed on a $23.3 million loan from Capital One for the refinancing of 71 Thomas St. (a.k.a. 151 West Broadway), a seven-story, 133,000 s/f building in TriBeCa occupied by The Supreme Court of the State of New York and HRA/IREA.

The 2.56%, fixed-rate interest-only loan has an LTV of 55% and matures in August of 2026—the new loan replaces an existing $22 million mortgage. Paul Talbot, senior managing director of Newmark represented GFP Real Estate in securing the loan.

“Due to the strong, long-term ownership of the property and the building’s credit tenants, we received interest from numerous lenders proposing very attractive offers, including interest-only terms and attractive rates below 2.6%,” said Talbot.

“71 Thomas St. has been a part of GFP Real Estate’s portfolio since 1982 and boasts two major long-time tenants—The Supreme Court of the State of New York and HRA/IREA—both of which we look forward to continuing our long-term relationship with at the building,” said Jeffrey Gural, chairman and principal of GFP Real Estate.

71 Thomas St. (a.k.a. 151 West Broadway) was completed in 1891 in an Italianate style by the architectural firm of Jardine, Hill & Murdock. The seven-story, 133,000 s/f building was originally an addition to H.B. Claflin & Co.’s mammoth wholesale dry goods store, occupying almost the entire block bounded by West Broadway, Worth St., Church St.and Thomas St. at the turn of the century. With access to the 1, 2 and 3 trains only a few blocks away, and additional subways lines accessible on foot, the building is convenient for all commuters.