The Gural familyʼs GFP Real Estate has closed a $75 million refinancing for 630 Ninth Avenue, the recently renovated landmark 14-story property, also known as the Film Center Building.
The building has closed over 16,000 s/f in new leases in recent weeks, including a 5,218 s/f lease with theater management company ATG-NY, LLC; a 5,000 s/f lease with 451 Media Group entertainment company; a 3,710 s/f lease with Bon Jour USA Tours; and a 2,500 s/f lease with Fellowship for Performing Arts, Inc. a not-for-profit theatrical production company.
The announcement was made by GFP Real Estate co-principals Eric Gural and Brian Steinwurtzel. GFP Real Estate, formerly Newmark Holdings, is one of New York City’s largest private owners of commercial real estate. Paul Talbot, senior managing director with Newmark Knight Frank, arranged the refinancing loan for the property on behalf of GFP Real Estate. Matthew Mandell, senior managing director, served as the in-house representative for GFP Real Estate in securing the new leases.
The 250,000 s/f Art Deco building, located between 44th and 45th Street on Ninth Avenue, was originally built in 1929 and designed to serve the film industry.
The first-floor lobby of the building is a designated NYC landmark. GFP recently installed new windows, renovated bathrooms and common areas and added 25,000 s/f of new space by converting obsolete film vaults in the building into new office space.
According to Talbot, “Once the prospective lenders understood the increase in net income derived from the additional space created from the film vaults, I was able to secure strong interest from life insurance companies, banks and conduits which resulted in an aggressive spread of 133 basis points over the 10-year treasury swap for the interest only loan.”
Mandell added, “With its iconic landmark status, highly desirable location and capital improvements, 630 Ninth Avenue remains a truly outstanding New York City property. The recent strong leasing activity at the building is a clear demonstration of its appeal to a variety of tenants and we expect interest in the property to continue.”