GFP Real Estate, LLC is pleased to announce it has closed on a $87,000,000 loan from Apple Bank for the refinancing of 520 Eighth Ave., a 26-story, 860,000-square-foot building in Manhattan’s Garment District. Major tenants at the 93-percent leased building include ASPCA, SelfHelp, and Ripley Grier Studios, among others—the building has seen more than 150,000 square feet in new leases over the past year.
The 10-year, 3.524-percent fixed-rate loan matures in 2032—the new loan is interest-only for the first year, and replaces an existing 4.11 percent, $84,376,000 mortgage provided by Conduit.
Paul Talbot, senior managing director of Newmark, represented GFP Real Estate in securing the loan.
“With the volatile interest rate market, it was essential that we select a lender that could underwrite quickly while producing an application that locked in the rate that provided sufficient time to get the loan approved and closed. Apple Bank was able to accomplish that task perfectly,” said Talbot.
“Apple Bank has been a reliable, long-term lender of ours that continues to demonstrate its understanding of the New York City market and ability to move quickly on our loan requests within a tight timeline,” said Jeffrey Gural, Chairman and Principal of GFP Real Estate. “520 Eighth Avenue continues to attract top creative, professional services firms, non-profits and entertainment-related tenants looking for more space in a quality building—we have leased more than 100,000 square feet at the property over the last year alone.”
Built in 1926, the 26-story office tower comprises more than 860,000 square feet in New York City’s famed Fashion District near Hudson Yards, Herald Square, Times Square, Madison Square Garden and Penn Station. The building is in close proximity to the Port Authority bus terminal and provides convenient access to numerous transportation lines, including the A, C, E, 1, 2, and 3 trains, as well as the Amtrak, LIRR and NJ Transit lines.