Lender Thorofare acquires ground lease valued at $27.8M from KPG for high-end office in Greenwich Village

Thorofare Capital through the entity Thorofare Reit V Cnb, LLC acquired a ground lease from KPG Funds through the entity 132 West 14th Street Ground Lessee Holdings LLC valued at $27.7 million that controls a nearly complete high-end office building renovation (O6) at 132 West 14th Street in Greenwich Village, Manhattan.
The transfer closed on August 18, 2025 and was recorded on October 14, 2025. The property has 52,700 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $526 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.)
KPG Funds signed a ground lease as tenant with Salvation Army as landlord on June 10, 2021. Then on August 1, 2022, KPG borrowed $34.5 million from Thorofare to convert the building into high-end office space. The job application for the alteration of the certificate of occupancy was M00700240, and the building has not yet been issued a new certificate of occupancy based on that filing.

A JLL team was marketing the property for sale, the Commercial Observer reported in February 2025, with an asking price of approximately $50 million, according to a source in the article.

In February, the Salvation Army initiated a nonpayment ground rent case in Landlord & Tenant court in Manhattan, LT-309687-25/NY dated June 4, 2025. Salvation Army alleged that, “Basic Rent due in the sum of $162,500.00 [representing two quarters, each for $81,250) was demanded by a fourteen-day written rent demand dated May 1, 2025 (the “Rent Demand”), a copy of which is annexed hereto with proof of service.” According to the petition, the rent was not paid. The court issued a default judgment to the Salvation Army.
A representative for Thorofare declined to comment.
Representatives from KPG Funds did not immediately respond to comments.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Thorofare Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller KPG Funds had not purchased any other properties and sold one property in one transaction for a total of $52 million over the same time period. The 52,700-square-foot property generated revenue of $4.3 million or $81 per square foot, according to the most recent income and expense figures.

The property

The office building in Greenwich Village has 52,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 103 feet deep with a total lot size of 7,692 square feet. 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 city-designated market value for the property in 2022 is $9.2 million. Thorofare Capital on 2025-08-18 00:00:00 bought a loan with an original principal of from signed by , secured by 132 West 14th Street, when owned by KPG Funds .

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 one DOB violation and $4,730 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, M00700240, for a 47,347 square-foot B building. The project was submitted by Gregory Kraut with plans filed June 27, 2022 and permitted August 31, 2023.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has 1.2 times the average amount of major developments relative to other neighborhoods and is the 24th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 22 commercial properties representing 301,104 square feet of the 364,121 square feet. The largest owner is Rosen Equities, followed by Izaki Group Investments and then Bldg Management.
On the tax block, there was one new building construction project filed totaling 96,905 square feet. It is a 71-unit, 96,905 square-foot residential (R-2) building submitted by Izaki Group Investments and filed by Modi Feibish with plans filed October 27, 2022 and permitted April 26, 2024.

The majority, or 38 percent of the 364,121 square feet of built space are office buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that KPG Funds owned at least two commercial properties with one residential unit in New York City with 102,211 square feet and a city-determined market value of $49.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 102,211 square feet of built space are retail properties, with specialty properties next occupying 46 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link