GFP Real Estate signs $23.3M refi loan with Capital One for office in Tribeca

GFP Real Estate through the entity Little 40 Worth Associates, L.L.C. as borrower signed a refi loan with lender Capital One valued at $23.3 million for the office building at 63-73 Thomas Street in Tribeca, Manhattan.
The deal closed on January 7, 2022 and was recorded on March 9, 2022. The prior lender was Capital One which held debt that had an original loan amount of $22 million. The property has 100,750 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $231 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 signatory for GFP Real Estate was Jeffrey Gural. The signatory for Capital One was Patricia Visone.

Prior sales and revenue

The 100,750-square-foot property generated revenue of $8 million or $79 per square foot, according to the most recent income and expense figures.

The property

The 63-73 Thomas Street parcel has frontage of 149 feet and is 99 feet deep with a total lot size of 15,008 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca South Historic District. The city-designated market value for the property in 2022 is $33.8 million. The property has a city-determined energy rating of 78 out of 100.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has 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 neighborhood

In Tribeca, the bulk, or 41 percent of the 17.4 million square feet of built space are office buildings, with residential elevator buildings next occupying 34 percent of the space. In sales, Tribeca has 1.3 times the average sales volume among other neighborhoods with $348.3 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Tribeca has 2.7 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Manhattan. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are office.

Surrounding

Within a 400-foot radius of 63-73 Thomas Street, Pincusco identified 14 commercial real estate items of interests occurred over the past 24 months.
Of those 14 items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $4.1 million. The most recent of these two 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 14 items, 10 were sales above $5 million totaling $1.9 billion. The most recent of the 10 was Nyc 56 Leonard Apt LLC which bought one condo unit in the 3,371-square-foot, 148-unit mixed-use building (RM) on 56 Leonard Street for $12.8 million from Rishi Shah on February 1, 2022.
Of those 14 items, two were loans above $5 million totaling $41.6 million. The most recent of the two was EPIC LLC which borrowed $28 million from SBT Advantage Bank secured by the 52,930-square-foot, 19-unit rental (D6) on 176 West Broadway on July 27, 2021.

Direct link to Acris document. link