Kings Capital acquires vacant 69 Gold St. building for $30.1 million

 

 

Manhattan, NY Kings Capital acquired 69 Gold St., a vacant 17-story building in the Financial District, for $30.1 million. The property was sold by New York Presbyterian Hospital, through its real estate affiliate, Royal Charter Properties.

Located two blocks from the Brooklyn Bridge and the East River, 69 Gold St. has stood vacant since 2016, when New York Presbyterian Hospital discontinued its use of the building as staff housing. Kings Capital plans to convert the 17-story shell into 108 residential rental units, reflecting the firm’s continued confidence in the Financial District’s residential demand.

“The Financial District continues to evolve into a true live-work neighborhood, and 69 Gold St. gives us the opportunity to add much-needed market-rate housing in a location where demand continues to outpace supply,” said Jeffrey Znaty, COO of Kings Capital. “We see this as a long-term investment in both the property and the neighborhood.”

“It’s incredibly rare to come across a vacant high-rise multifamily building of this scale in Manhattan like 69 Gold St.—an asset with endless repositioning potential,” said George Giannopoulos, CEO of Kings Capital. “Bringing a deal like this together took vision, teamwork, persistence, and, above all, blessings from the Man above.”

Kings Capital is nearing finalization of a construction loan of $41 million from Derby Copeland to fund the conversion. Financing was arranged by F2H Capital Group. Combined with the acquisition cost, total project cost is expected to be approximately $60 million.

Cushman & Wakefield represented the seller, New York Presbyterian Hospital / Royal Charter Properties, in the transaction.

Kings Capital was founded in 2015 and is led by principals Giannopoulos and Znaty. The firm has been active in mid-market Manhattan acquisitions and development, including a $21 million acquisition in SoHo in the prior year. The 69 Gold St. transaction stands as one of the firm’s largest acquisitions to date and underscores its growing conviction in the Financial District’s residential conversion pipeline.