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HAP Investments Purchases 65 Franklin for $46M

G4 Capital Provides $32M Financing on Tribeca Acquisition
February 22, 2018
HAP Investments has acquired its first Tribeca property, picking up 65 Franklin St. in New York, NY from a private investor for $46 million, or more than $1,300 per square foot.

Also known as 360-362 Broadway, the Class C office building was originally built in 1900. It totals 35,210 square feet across five floors at the corner of Franklin and Broadway, roughly a half-mile north of City Hall Park.

G4 Capital Partners provided $32 million in acquisition financing for the transaction. The firm focuses on transitional lending and opportunistic investment in the New York Metro area. This deal marks the fourth time HAP and G4 have come together in New York City.

The existing building currently stands vacant, according to HAP, which says it has secured inclusionary air rights to build a residential property on the site.

"This is an amenity-rich neighborhood, boasting some of the city’s best art galleries, cuisine and world-renowned cultural institutions easily accessible by public transit," said Eran Polack, co-founder and CEO of HAP Investments, a New York City-based real estate investment and development group with approximately 1.8 million square feet in various stages of development.

Both parties reportedly handled the direct sale in-house.

Please see CoStar COMPS #4145339 for additional information on this transaction.

Diana Bell, New York City Market Reporter  CoStar Group   
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