GFP Secures Refi, Lease Expansion for 520 Eighth Ave.
GFP Real Estate has closed on an $87,000,000 loan from Apple Bank to refinance 520 Eighth Ave., a 26-story, 860,000-square-foot office property in Midtown Manhattan.
The 10-year, 3.524% fixed-rate loan matures in 2032 and is interest-only for the first year. It replaces an existing 4.11%, $84,376,000 mortgage provided by Conduit.
Newmark’s Paul Talbot represented GFP in securing the loan.
Separately, GFPRE secured a renewal and expansion from Ripley-Grier Studios, a tenant since 1999. The 15-year renewal adds 11,152 square feet for a total of 62,257 square feet of rehearsal space.
“While Ripley-Grier is the definitive leader in providing rehearsal space, every corner of the entertainment world was deeply affected by the shutdowns in 2020,” said GFP’s Matthew Mandel. “We are thrilled to see that Ripley-Grier continues to flourish as its clients continue to seek quality meeting and rehearsal spaces.”
Cushman & Wakefield’s Joseph Harkins represented Ripley-Grier, while Mandel represented ownership.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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