New York & Tri-State + Finance | August 5, 2022

KPG Secures Thorofare Capital Loan for Greenwich Village Redevelopment

KPG Funds secured $34.5 million in new debt for its efforts to turn around a formerly occupied 62,428-square-foot Greenwich Village office building. Thorofare Capital’s David Perlman provided the debt package to refinance and provide a construction loan at 132 W. 14th St., also known as La Galerie.

Since acquiring the seven-story office and retail property between Sixth and Seventh avenues in 2021, KPG has prepped the building for a complete transformation into Class A boutique offices. Renovations include a new building structural expansion, featuring expanded 15 floor ceiling heights on the top two floors, lobby, mechanical and building systems, elevators, windows, and brand-new façades.

“Thorofare’s partnership is invaluable to us,” said Greg Kraut, KPG’s Founder and CEO. “Their belief in the demand for the KPG brand and our ability to execute will make for a successful project.”

A JLL team led by Aaron Niedermayer arranged the financing.

Pictured: David Perlman.

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Inside The Story

Thorofare Capital's Perlman

About Paul Bubny

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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