NEW YORK CITY—GFP Real Estate and Northwind Group closed on $100 million in refinancing for 40 Exchange Place, a 20-story, 300,000 square-foot office and retail building in Manhattan's Financial District.
GFP Real Estate (originally known as Newmark) and Northwind Group acquired 40 Exchange Place from Weiss Realty for $115 million in November 2015, according to Real Capital Analytics. They subsequently engaged in a comprehensive capital improvement program for the building which was originally constructed in 1902. The owners significantly improved all tenant spaces, the lobby, common areas, restrooms, new storefronts, the roof, the façade and the building systems including elevator cabs, fire alarms, sprinklers and tenant HVAC systems.
“We are excited to reach the final stages of the transformation and full renovation of 40 Exchange Place,” says GFP's co-CEO Brian Steinwurtzel. “Leasing activity has been strong and we felt the time was right to refinance from a construction loan to long-term financing.”
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
