The Real Deal New York

William Kaufman Org lands $97M refi for 2 Gansevoort

New York Life Insurance Company is the lender
By Christian Bautista | July 17, 2018 06:00PM

2 Gansevoort Street (Credit: 320w13st)

Sage Realty Corporation, the leasing arm of landlord William Kaufman Organization, refinanced a Greenwich Village office building for the second time in seven months.

The firm landed a $97 million mortgage for 2 Gansevoort Street, a landmarked office building in the Meatpacking District, according to records filed with the city on Tuesday.  The new financing replaces a $95 million M&T Bank provided in January. The new lender, New York Life Insurance Company, assumed the existing debt and provided a $2 million gap mortgage.

The property, built in 1912, is a nine-story building between Eighth Avenue and Houston Street. Also known as 320 West 13th Street, it was initially built as a warehouse and trade school. It also once housed the country’s first TV repair school, according to a previous report from Commercial Observer. Kaufman has owned the building since 1948.

In July of last year, music publisher Kobalt signed a 23,000-square-foot lease in the building. Other tenants include pharmaceutical firm Coronado Biosciences and Ennead Architects.

Jonathan Kaufman Iger, the grandson of William Kaufman, now runs the family firm. It was previously headed by William’s son, Robert, who died in 2016. Over the past year, the company has closed several refinancing deals. This includes a $145 million mortgage for 437 Madison Avenue and a $65 million loan for 747 Third Avenue.

Kaufman did not immediately respond to requests for comment.