Project Renewal pays $12.5M to GFP for office condo in Hudson Square

The nonprofit Project Renewal, which serves individuals impacted by homelessness and substance abuse, paid $12.5 million to GFP Real Estate through the entity 200 Varick Street De LHC LLC for a commercial condominium unit at 200 Varick Street in Hudson Square, Manhattan.
The deal closed on May 1, 2023 and was recorded on May 9, 2023.
The signatory for GFP Real Estate was Brian Steinwurtzel. The signatory for Project Renewal was Eric Rosenbaum.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Project Renewal purchased one property in one transaction for a total of $19.3 million and has no record it sold any properties over the past 24 months.
The seller GFP Real Estate purchased one property in one transaction for a total of $250.8 million and sold one property in one transaction for a total of $2.9 million over the same time period.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 446,240 square feet of the 515,548 square feet. The largest owner is Superior Management, followed by GFP Real Estate and then Chris Paravalos.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 515,548 square feet of built space are office buildings, with walkup buildings next occupying 5 percent of the space.

The seller

The PincusCo database currently indicates that GFP Real Estate owned at least 14 commercial properties with eight residential units in New York City with 3,904,377 square feet and a city-determined market value of $784 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 3,904,377 square feet of built space are office properties, with industrial properties next occupying 2 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

The buyer

The PincusCo database currently indicates that Project Renewal owned at least five commercial properties with 144 residential units in New York City with 133,656 square feet and a city-determined market value of $9.8 million. (Market value is typically about 50% of actual value.) The portfolio has $235.8 million in debt, with top three lenders as Prudential Financial, UMB Bank, and Wells Fargo respectively. Within the portfolio, the bulk, or 36 percent of the 133,656 square feet of built space are elevator properties, with N9 properties next occupying 32 percent of the space. The bulk, or 43 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

Direct link to Acris document. link