GFP Real Estate signs $191M loan with Wells Fargo for office in Tribeca
40 Worth Street (Credit - Google)
GFP Real Estate through the entity 40 Worth Associates, L.L.C. as borrower signed a loan with lender Wells Fargo valued at $145.1 million for 22 commercial condominium properties at 40 Worth St in Tribeca, Manhattan. The financing includes $45.9 million in a building loan and a project loan.
The deal closed on June 6, 2006 and was recorded on July 5, 2022.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On the tax block of 40 Worth St, PincusCo has identified the owners of one of the two commercial properties representing 100,750 square feet of the 803,565 square feet. The identified owner is GFP Real Estate. There are no active new building construction projects on this tax block.
All properties are office.
Surrounding
Within a 400-foot radius of 40 Worth St, PincusCo identified 17 commercial real estate items of interests occurred over the past 24 months.
Of those 17 items, four were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $4.1 million, one permit with a total initial cost of $4.6 million and one initial temporary certificate of occupancy issuance for a project that initially costed $430,000. The most recent of these four items was the filing on April 26, 2021 for a 14,540-square-foot R-2 building with seven residential units at 35 Worth Street.
Of those 17 items, 11 were sales above $5 million totaling $240.3 million. The most recent of the 11 was David Morse which bought one condo unit in the 3,371-square-foot, 148-unit mixed-use building (RM) on 56 Leonard Street for $12 million from Lucas Rosen on June 3, 2022.
Of those 17 items, two were loans above $5 million totaling $51.3 million. The most recent of the two was GFP Real Estate which borrowed $23.3 million from Capital One secured by the 100,750-square-foot, three-unit office building (O6) on 71 Thomas Street on March 9, 2022.
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