In February, GlobeSt. reported that GFP Real Estate had defaulted on a $103M loan on 515 Madison Avenue, known as the DuMont Building a landmark Art Deco-style building at the corner of Madison Avenue and 53rd Street.
The minute the story published, Jeff Gural, Chairman and Principal of GFP, sent us a statement, which we were pleased to share with you:
"We have agreed to terms with our lender and are finalizing documentation to extend the existing loan. We are quite confident that we will be able to repay the loan during this extension," Jeff Gural, Chairman and Principal of GFP Real Estate told us.
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