GFP Real Estate signs $22.8M refi loan with JPMorgan Chase for office building in Garment District

GFP Real Estate through the entity 209-219 W. 38 LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $22.8 million for the office building (O6) at 209 West 38th Street in Garment District, Manhattan.
The deal closed on July 16, 2021 and was recorded on July 27, 2021.
The property has 144,635 square feet of built space and 0 square feet of additional air rights for a total buildable of 118,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $157 per the PincusCo analysis.
The signatory for GFP Real Estate was Jeffrey Gural.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Jeffrey Gural is chairman and principal of GFP Real Estate.
Within a 400-foot radius of 209 West 38th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were two initial temporary certificate of occupancy issuances for projects that initially cost $1.8 million. The most recent of these two items was the temporary certificate of occupancy on October 5, 2020 for an 842,295-square-foot office  building at 498 Seventh Avenue.
Of those five items, three were loans above $5 million totaling $460.3 million. The most recent of the three was Renee Levy which borrowed $5.3 million from Alma Bank secured by the 9,100-square-foot, eight-unit mixed-use building (K4) on 243 West 38th Street on May 18, 2021.

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