GFP Real Estate, Northwind close $310M purchase of 7 Hanover Square in FiDi

GFP Real Estate and the Northwind Group closed on the $310 million purchase of 7 Hanover Square on October 3. GFP is partnering with Northwind Group to own and will rehabilitate the 904,500-square-foot office tower which will be rebranded as 100 Pearl Street and 50 Water Street. GFP and Northwind bought the building from its developers and owners Milstein Properties, Swig Weiler and Arnow Management. The developers had signed a long-term lease with Guardian Life Insurance that granted the life company a purchase option in 1998 priced at $147 million, according to the NY Post. Guardian decided to exercise that option and flipped the purchase option to GFP and Northwind. Cushman & Wakefield’s Douglas Harmon, Adam Spies, Adam Doneger, Josh King and Marcella Fasulo arranged the sale for Guardian. The city transfer records show a sale of $147 million, which reflects the 1998 purchase option price. The deal closed on October 3, 2019, and was recorded on October 11, 2019.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,250,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $607,667.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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