NEW YORK CITY—The William Kaufman Organization has closed on a $50 million permanent first mortgage loan for its landmarked Meatpacking District office building at 320 West 13th St., which was recently renamed 2 Gansevoort St.
The loan, which was provided by M&T Bank, will fund tenant and ongoing capital improvements at the property, which is experiencing a renaissance due to the changing character and growing popularity of the Meatpacking District as well as its location two blocks east of the High Line.
Built in 1912 as a warehouse and trade school, the building—which is situated at the intersection of West 13th, Horatio and Gansevoort streets in the Greenwich Village historic district— was acquired by Kaufman in 1948 as an addition 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 rents at the property have escalated from the mid-$30s to over $110 a square foot.
“We are transforming and repositioning this property, not only in name but through significant capital improvements, so that it can take its rightful place as one of the signature buildings in this resurgent neighborhood,” says Jonathan Kaufman Iger, VP of Sage Realty Corp., the leasing and management division of the William Kaufman Organization.
Andrew Singer, chairman of the Singer & Bassuk Organization, arranged the refinancing on behalf of William Kaufman.
The ongoing transformation of 2 Gansevoort includes renovations and upgrades to the building's lobby and main entrance, a complete window replacement, elevators, and access management system.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.