William Kaufman Organization has closed on a $50 million permanent first mortgage loan for its Meatpacking District office building at 320 West 13th Street, which was recently renamed 2 Gansevoort Street.
The loan, which was provided by M&T Bank, will fund tenant and ongoing capital improvements at the historic property.
Built in 1912 as a warehouse and trade school, the building was acquired by the William Kaufman Organization in 1948. In recent years, asking rents at the property have escalated from the mid-$30s to over $110 a square foot.
“We are transforming and repositioning this property, not only in name but through significant capital improvements, so that it can take its rightful place as one of the signature buildings in this resurgent neighborhood,” said Jonathan Kaufman Iger, vice president of Sage Realty Corp., the leasing and management division of the William Kaufman Organization.
Andrew J. Singer, chairman of The Singer & Bassuk Organization, arranged the refinancing on behalf of Kaufman.