GFP Real Estate signs $191.5M construction loan with Derby Lane Partners in Financial District

GFP Real Estate through the entity 40 X Owner LLC as borrower signed a rehab construction loan with lender Derby Lane Partners through the entity Dl Rcf I Loan Holdings (Evergreen), LLC valued at $191.5 million for the office building (O4) at 40 Exchange Place in Financial District, Manhattan.

On the lot, there is one active major alteration construction project, M01233357, for a 382-unit, 255,799 square-foot residential (J-2) building. The project was submitted by GFP Real Estate and filed by Miroslaw Karwowski with plans filed July 2, 2025 and it has not been permitted yet.
The deal closed on January 30, 2026 and was recorded on February 10, 2026. The prior lender was Derby Lane Partners which held debt that had an original loan amount of $63.3 million.The property has 239,071 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $800 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 12, 2015, for $115 million. The signatory for GFP Real Estate was Brian Steinwurtzel .

Prior sales, articles and revenue

The 239,071-square-foot property generated revenue of $11.8 million or $49 per square foot, according to the most recent income and expense figures.

The property

The office building in Financial District has 239,071 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 107 feet and is 70 feet deep with a total lot size of 14,970 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $54.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $4,040 in OATH penalties in the last year.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 18.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the four commercial properties representing 736,649 square feet of the 736,649 square feet. The largest owner is Metro Loft Management, followed by Gfp Real Estate and then Skyline Developers.
On the tax block, there was one new building construction project filed totaling 356,644 square feet. It is a 150-unit, 356,644 square-foot residential (R-2) building submitted by Madison Equities and filed by Andrew Manton with plans filed May 18, 2016 and permitted July 12, 2017.

The majority, or 88 percent of the 736,649 square feet of built space are office buildings, with specialty buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Gfp Real Estate owned at least 22 commercial properties with 1,328 residential units in New York City with 6,232,236 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 98 percent of the 6,232,236 square feet of built space are office properties, with industrial properties next occupying 1 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

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