Landmark Cast Iron House Gets $45M in Refinancing
Knightsbridge Properties will use the loan to develop and restore one of the largest cast iron buildings in New York City.
NEW YORK CITY—A nine-story project at 361 Broadway in the Tribeca neighborhood of Manhattan is receiving a $45 million loan. Formerly called the James White Building, on July 27, 1982, the Landmarks Preservation Commission designated it a landmark. The agency described it as one of the largest cast iron buildings in the city. It was originally designed by W. Wheeler Smith and constructed in 1881-1882.
Now named the Cast Iron Building, 361 Broadway consists of 13 luxury condominiums including two penthouse apartments, and retail space on the ground floor and basement level.
Jourdan Krauss is the CEO and founder of Knightsbridge Properties, which has the limited liability company 361 Broadway Associates Holdings. That entity is the named borrower with the recent loan. CIT Group is the sole lead arranger in the financing.
“We are pleased to provide financing to complete the development and restoration of this stunning architectural landmark in the heart of Manhattan,” says Matt Galligan, president of CIT’s real estate finance division.
In October 2002, 361 Broadway Associates purchased the 49,854 square-foot property at 361-363 Broadway from Blackacre Capital for $15.1 million, according to Real Capital Analytics. Knightsbridge invested in façade restorations and hired Japanese architect Shigeru Ban to design the condominiums including adding the two glass penthouses that now top the historic cast iron building.
When the condominiums were listed in 2016, the realtors used the alternate street address of 67 Franklin St. In a November 2017 article, The Wall Street Journal explained that in this particular neighborhood developers often rename street addresses as part of the marketing effort to identify it’s property in Tribeca.