Noviprop and Plus Development Plan Meatpacking District Office Building
The developers received a $39.5 million constructive loan to build a 10-story office building at 76 Eighth Ave.
NEW YORK CITY—Noviprop, LLC and Plus Development received a $39.5 million construction loan from G4 Capital Partners to build on spec a 10-story, 34,364-square-foot, boutique office. Located at 76 Eighth Ave. the development will be located on the corner of Eighth Ave. and 14th St. in Manhattan’s trendy Meatpacking District.
Designed by Gene Kaufman with interiors by Raad Studio, the project is scheduled to be completed in summer 2020. It will offer ground floor retail, nine floors of office space and a roof deck for tenants.
Holliday Fenoglio Fowler’s debt placement team led by Peter Rotchford, Chris Peck, David Giancola and Kristen Knapp represented the borrowers in negotiating the loan.
“HFF was thrilled to play a role in the capitalization of 76 8th Ave.,” Rotchford says. “Noviprop has owned the site since the early 1980s and we are excited to watch them contribute to one of Manhattan’s most popular boutique office markets.”
The brokerage states with the project’s modern design, boutique nature and prime location, it’s expected to attract interest from tech and financial firms. Alibaba and Google have offices in the neighborhood. Retail businesses such as the Standard Hotel, Bubby’s, Catch, Tory Burch, Diane von Furstenberg and Restoration Hardware are also in the neighborhood. Plus, the High Line, the Whitney Museum and Chelsea Market attract substantial foot traffic.