New York, NY – May 1, 2024 – GDS Brightstar (GDSNY) has today announced that it closed on a $34.25 million loan for 76 Eighth Avenue, a 40,000-square-foot 11-story MeatPacking District boutique office building owned by G4 Capital Partners. Sabal Investment Holdings, the real estate investment management firm serving institutional investors, and GDS Brightstar, the real estate lending platform of New York-based GDSNY, are the lenders for the project.
The newly completed class-A boutique office building located on the corner of Eighth Avenue and 14th Street is completely leased except for one remaining floor. The ground floor retail has been leased to Wells Fargo who plans to open before year-end.
“We continue to identify high-quality assets, sponsors and real estate opportunities in New York for our partners and investors,” said Alan Rudikoff, partner and co-founder of real estate firm GDSNY. “The MeatPacking District is one of the premium office destinations in Manhattan for new construction office with vacancy rates in the low single digits, well outperforming the market.”
The three-year loan for 76 8th Avenue will provide the capital needed for the remaining tenant fit-out and final floor lease-up.
“We are believers in high-quality Manhattan office and retail assets and are pleased to be able to provide a flexible financing solution in conjunction with GDSNY for this exceptional asset,” said Tal Seder managing director of opportunistic investments at Sabal Investment Holdings. “We continue to be active participants across the capital stack, especially during periods of credit dislocation, and will continue to seek opportunities to invest in well located assets.”
The black-steel framed building is at a five-way intersection at the edge of the Meatpacking District, with its trendy hotels, restaurants and retailers, and is also near such amenities as the High Line, Hudson River Park, the Whitney Museum and Chelsea Market. Tenants in the area include Google, Samsung, Tesla, Gucci, Rolex, and Apple. The location has immediate access to public transportation with the 14th Street Subway station directly in front.
About GDS Brightstar
GDS Brightstar, the real estate lending platform of New York-based property firm GDSNY, provides financing for office, residential and mixed-use properties on shovel-ready ground-up construction, heavy value-add repositioning, land, and inventory loans from $50 million to $500 million. Recently GDS Brightstar provided a $210 million condo inventory loan to the Hudson Companies on 1 Clinton in Brooklyn Heights.
GDSNY is an award-winning full service, vertically integrated owner, operator, developer, lender and designer of multi-family and commercial real estate in the New York metropolitan area. Founded in 2007 by architect Michael Kirchmann and Alan Rudikoff, GDSNY has delivered in excess of $5 billion in real estate assets throughout New York City. www.GDSNY.com
