GFP Real Estate has closed on a $83 million refinancing for its 100 Crosby Street property, a mixed-use site in SoHo, Manhattan.
TD Bank and BNY have provided the loan, with Newmark's Paul Talbot representing GFP on the deal. The new debt replaces the existing $100 million one that was issued in 2015.
The fully leased property offers a mix of trophy office and retail. On the office side, tenant industries range from tech, real estate, to venture capital, with the roster specifically including Runway Growth Capital, Little Spoon, Shine Capital and Empire Entertainment and Billie Inc. On the retail side, major tenants include American Eagle and Aritzia. The latter recently opened a boutique flagship shop at 100 Crosby.
“100 Crosby Street continues to attract creative companies and growth-stage firms drawn to the cool factor of a prime SoHo address, the building’s corner location and its historic design elements, like exposed brick and large arched windows,” Neith Stone of GFP, who manages the firm’s SoHo and NoHo properties, said in a statement.
“We’ve seen strong leasing activity and high tenant renewal rates across the submarket, reflecting both SoHo’s post-COVID resilience and our commitment to continuously investing in and improving our assets.”
The six-story building spans 175,000 square feet and recently went under renovation, which includes the relocation of the lobby. Also, the building offers access to the W and R trains, with the 6 train just a block away.
Overall in Manhattan, the office sector is coming off a strong 2025, which saw 42.9 million square feet of leasing activity, according to a market report from Savills. This was the highest annual number since 2014 and up 20.1 percent year-over-year. Also, sublease availability fell to its lowest levels since the third quarter of 2019.
© 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.