GFP Closes $54M Refi for Soho Office Tower  

GFP Real Estate, LLC has secured a $54 million loan from Apple Bank to refinance 594 Broadway, a 12-story, 250,000-square-foot office tower in Soho. The new 10-year floating-rate permanent loan replaces a previous loan held by Capital One and Fortress Investment Group. Paul Talbot of Newmark represented GFP Real Estate in arranging the financing, while Cynthia Wang and Howard Hsu of Apple Bank represented the lender. 

594 Broadway is nearly 100% leased, with tenants including Hornet Animations, Housing Works, Studs, Athleta, and Wilson. The building, built in 1898 and originally known as the Lyons Building, offers office space. A renovated lobby interior designed by Gachot Studios is set to be unveiled this year.  

“594 Broadway is a magnet for creatives and start-ups firms seeking a certain ‘cool’ factor in a prime SoHo location. We’ve seen impressive leasing activity and high tenant renewal rates in our Soho portfolio, which reflects not only the submarket’s strength post-COVID but also our dedication to continuously improving our assets,” said Neith Stone of GFP Real Estate, who represents the firm’s Soho and Noho assets.