NEW YORK CITY—The William Kaufman Organization has closed on a$50 million permanent first mortgage loan for its landmarkedMeatpacking District office building at 320 West 13thSt., which was recently renamed 2 Gansevoort St.
The loan, which was provided by M&T Bank, will fund tenantand ongoing capital improvements at the property, which isexperiencing a renaissance due to the changing character andgrowing popularity of the Meatpacking District as well as itslocation two blocks east of the High Line.
Built in 1912 as a warehouse and trade school, thebuilding—which is situated at the intersection of West13th, Horatio and Gansevoort streets in the GreenwichVillage historic district— was acquired by Kaufman in 1948 as anaddition to its Manhattan portfolio of Class A office buildings,which includes 777 Third Ave., 767 Third Ave., 437 Madison Ave.,747 Third Ave. and 77 Water St. In recent years, asking rentsat the property have escalated from the mid-$30s to over $110 asquare foot.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
