NEW YORK CITY—The William Kaufman Organization received a 20-year, $97 million loan secured by the 212,560 square-foot building at 2 Gansevoort St. The renovated office loft building has an alternate address of 320 W. 13th St.
Originally constructed in 1912 as a warehouse and trade school, it was one of the first buildings in the Meatpacking District converted to office space. Located at W. 13th Street, Horatio and Gansevoort, the property is close to the Whitney Museum of American Art, the High Line, and the high fashion retail now identified with the neighborhood.
New York Life Real Estate Investors, a division of a subsidiary of New York Life Insurance Company, originated the loan with the William Kaufman Organization and Sage Realty, WKO's leasing and management division.
Commercial Observer reported in January 2018, M&T Bank loaned $95 million to WKO and Sage to refinance the property. The publication reported that the loan consolidated $50 million of a 2014 loan from M&T Bank, adding $45 million in new financing.
In 2014, the building modernized its aesthetics and upgraded its technical capabilities. The renovations included a new lobby, front entrance and canopy designed by Fogarty Finger Architects. Current tenants include Theory, Kobalt Music and Coronado Biosciences.
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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.
