520 Eighth Ave.
NEW YORK CITY—The labor organization Mason Tenders District Council Welfare Fund renewed for 10 years its 40,000 square-foot lease at GFP Real Estate's 520 Eighth Ave. The Gural Family's real estate firm also picked up a new tenant with Entertainment Benefits Group signing a new five-year lease for 12,769 square feet at the same location. The asking rent in the building was $48 per square foot.
Mason Tenders has almost 15,000 members including construction workers, asbestos and hazardous materials handlers, Catholic high school teachers and recycling and waste handlers.
Entertainment Benefits Group is one of the largest privately held travel and entertainment providers in the US. Headquartered in Miami, it operates a network of consumer and B2B businesses that reach over 60 million users and sell more than eight million admission tickets annually.
Matthew Mandel of GFP represented the landlord owner in both transactions.
GFP is an owner, operator, property manager and developer of commercial real estate. Led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, the real estate company has been a family business for three generations. GFP Real Estate serves as a landlord to over 2,500 tenants, one-third of which are non-profits.
Originally constructed in 1926, the 25-story, 860,000 square-foot office building once was used for a manufacturing business located in the Garment District. It was renovated in the early 2000s.
Situated between W. 37th and W. 38th streets, 520 Eighth Ave. is in an area that is growing in popularity. Part of a changing neighborhood, it is close to Times Square, and Penn Station where major renovations are planned, and the James A. Farley Post Office Building where construction is underway to convert it to the Moynihan Train Hall. The new transportation facility will serve the Long Island Railroad and Amtrak, and connect to the Eighth Avenue subway.
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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.
