GFP Real Estate secures $95 million refinancing from BNY for three-building NoHo portfolio

Manhattan, NY GFP Real Estate secured a $95 million bridge loan from BNY for a three-building office portfolio comprising 740 Bdwy., 10 Astor Pl. and 440 Lafayette St. in the city’s NoHo neighborhood.

The three-year financing, which includes a one-year extension option, reinforces institutional lender confidence in well-located, high-quality historic office assets that continue to attract tenants seeking creative, transit-oriented workplaces in one of New York City’s most desirable business districts.

Newmark senior managing director Paul Talbot arranged the financing on behalf of GFP Real Estate.

The refinancing continues GFP Real Estate’s longstanding relationship with BNY, signaling the lender’s confidence in the firm’s ownership, asset management and leasing strategy. Together, the three properties comprise approximately 372,000 s/f of office and retail space positioned at the crossroads of NoHo, Greenwich Village and the East Village.

The portfolio is 100% leased, driven by continued tenant demand for well-located, character-rich office buildings in downtown. Recent leasing activity across the portfolio includes The Malin, Stuf Storage, Maybern Solutions, Watershed Technology and Civic Entertainment Group, underscoring the strength of the assets and the continued appeal of NoHo to a diverse mix of office, retail and experiential users.

“This refinancing reflects our long-term conviction in both these properties and the NoHo market,” said Jeffrey Gural, chairman and CEO of GFP Real Estate. “We’ve owned and invested in these buildings for many years, and they continue to perform because they’re located in one of Manhattan’s most dynamic neighborhoods and are managed with a long-term ownership philosophy. We’re grateful for BNY’s continued confidence in our team and look forward to building on that relationship for years to come.”

“Tenants are drawn to unique boutique buildings like these because they offer what new construction can’t replicate — enduring architecture, unmatched character and the kind of hands-on ownership that today’s companies value,” said Neith Stone, managing director at GFP Real Estate. “The leasing momentum we’ve experienced reflects the lasting appeal of office space with authentic industrial heritage in NoHo and the investments we’ve made over the last few years to meet our tenants’ evolving needs.”

“This financing demonstrates that lenders continue to differentiate between office assets based on performance rather than perception,” said Talbot. “The combination of a premier NoHo location, strong occupancy, consistent leasing momentum and experienced ownership generated significant interest from the lending community. BNY recognized the long-term value of this portfolio and delivered a financing structure that supports GFP’s continued investment in these exceptional assets.”