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New York & Tri-State  + Downtown New York + New York  + Finance  | 
GFP Real Estate obtained a $23.3-million refinancing of 71 Thomas St., an office building in TriBeCa it has owned for 40 years

GFP Secures $23M Refi on TriBeCa Offices 

GFP Real Estate, LLC closed on a $23.3-million loan from Capital One to refinance 71 Thomas St. (a.k.a. 151 West Broadway), a seven-story, 133,000-square-foot building in TriBeCa occupied by The Supreme Court of the State of New York and the New York City Human Resources Administration. 

The 2.56%, fixed-rate interest-only loan has an LTV of 55% and matures in August of 2026, replacing an existing $22-million mortgage.  Paul Talbot, senior managing director of Newmark, represented GFP in securing the loan.   

“Due to the strong, long-term ownership of the property and the building’s credit tenants, we received interest from numerous lenders proposing very attractive offers, including interest-only terms and attractive rates below 2.6%,” said Talbot. 

71 Thomas St. has been in GFP’s portfolio since 1982. Jeffrey Gural, principal and chairman of GFP, said the firm looks forward to continuing its long-term relationship with the property’s longtime tenants.   

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Newmark'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).

  • ◦Financing
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