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New York & Tri-State  + Downtown New York  + Finance  |  September 6, 2022
Paul Bubny
By: Paul Bubny

GFP Closes on $47M Refi of Flatiron District Offices

GFP Real Estate, LLC has closed on a $47,000,000 loan from Chase to refinance 230 Fifth Ave., a 20-story, 465,000-square-foot Beaux Arts-style office building in Manhattan’s Flatiron District. Paul Talbot, senior managing director of Newmark, represented GFP in securing the loan from JPMorgan Chase.   

The new 10-year, fixed-rate loan matures in 2032 and features an option to extend the term for an additional three years at a floating rate.  The loan replaces an existing $50,000,000 loan from Principal Life that was originated in 2013. 

“230 Fifth Ave. is New York City’s premier home fashion and design showroom destination—and remains one of the only specialized buildings left in the city,” said Jeffrey Gural, chairman and principal of GFP. “We are thrilled to have worked with Chase Bank again to refinance the property, as the property continues to see strong demand from the home accessories and furnishings industry.” 

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GFP Real EstateNewmark's Talbot

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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