GFP Real Estate, LLC is pleased to announce it has closed on a $47,000,000 loan from Chase for the refinancing of 230 Fifth Ave., a 20-story, 465,000-square-foot Beaux Arts-style office building located in the heart of the Flatiron District.
Built in 1914 and acquired by GFP Real Estate in 1958, 230 Fifth Ave. is home to over 140 showrooms featuring a diverse collection of product lines and categories including home textiles, decorative accessories, home furnishings, architectural products, art, and more. The building—known as the New York Market Center— is approximately 96 percent leased and has seen more than 100,000 square feet of new leases over the past year alone.
The new 10-year, fixed-rate loan matures in 2032—and features an option to extend the term for an additional three years at a floating rate. The loan replaces an existing $50,000,000 loan from Principal Life that was originated in 2013.
Paul Talbot, senior managing director of Newmark, represented GFP Real Estate in securing the loan.
“Chase’s loan process was streamlined and very cost effective, which enabled GFP to close in a timely manner amid a very volatile interest rate market,” said Talbot.
“230 Fifth Ave. is New York City’s premier home fashion and design showroom destination—and remains one of the only specialized buildings left in the city,” said Jeffrey Gural, Chairman and Principal of GFP Real Estate. “We are thrilled to have worked with Chase Bank again to refinance the property, as the property continues to see strong demand from the home accessories and furnishings industry.”