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Film & Video Center Bldg Remake Helps GFP Secure $75M Refi

Film-Vault Conversion Adds 25,000 SF of Office Space
October 18, 2017
GFP Real Estate, formerly Newmark Holdings, has secured a $75 million loan to refinance its Film & Video Center Building at 630 Ninth Ave. in New York City.

Recent revitalization work that increased rentable building area within the 250,000-square-foot landmarked office asset helped tip the scales on a lender decision, according to Eric Gural and Brian Steinwurtzel, co-principals with GFP.

Capital improvements completed by GFP resulted in new windows and renovated bathrooms and common areas. New office space was created by transforming defunct film vaults in the building.

Completed 1929 in Art Deco style, the 14-story building's first-floor lobby was designated a New York City landmark in 1982.

"Once the prospective lenders understood the increase in net income derived from the additional space created from the film vaults, I was able to secure strong interest from life insurance companies, banks and conduits which resulted in an aggressive spread of 133 basis points over the 10-year treasury swap for the interest only loan," said Paul Talbot, senior managing director with Newmark Knight Frank (NKF), who arranged the refinancing.

Multiple tenants have committed to occupy more than 16,000 square feet in new leases at the tower. On the eighth floor, ATG-NYC LLC, a theater manager, will lease 5,218 square feet. On the 14th floor, Entertainment firm Media Group will take 5,000 square feet, and not-for-product theater producer Fellowship for Performing Arts will occupy 2,500 square feet. Travel company Bon Jour Tours has agreed to lease 3,710 square feet on the fourth floor.

Matthew Mandell, who represented GFP Real Estate in-house during these lease transactions, said he expects strong leasing activity and continued interest at the building following the capital improvement project.

Other tenants at the building include law firm Holtz, Holtz, & Volek PC, New York Actors Connection and Mitchell Giurgola Architects. About 12,000 square feet of office space remains available for lease there with GFP.

Diana Bell, New York City Market Reporter  CoStar Group   
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