Meatpacking District office project lands $40M construction loan

A boutique office building coming to the Meatpacking District has landed a roughly $40 million construction loan from G4 Capital Partners.

The loan is for Noviprop and Plus Development’s 10-story, 34,364-square-foot project at 76 Eighth Avenue, and HFF arranged the financing, according to the brokerage.

Noviprop is a family-run firm that’s held the site since the 1980s, records show, and Plus Development is a development firm with offices in new York, Los Angeles and Dubai.

Gene Kaufman Architects and Raad Studios are designing the building. It sits between Greenwich Avenue and West 14th Street and should be competed in the summer of 2020. It will include ground-floor retail, nine floors of office space and a roof deck for tenants. The developers hope to receive leasing interest from tech and finance companies.

The HFF team that arranged the financing consisted of Peter Rotchford, Chris Peck, David Giancola and Kristen Knapp.

The office market in the Meatpacking District has been heating up ever since Google first entered the neighborhood back in 2005 with a lease for 111 Eighth Avenue. The tech giant cemented its status as the dominant player in the area with a deal last year to buy Chelsea Market for $2.4 billion.

The Meatpacking District should see more than 1.1 million square feet of new supply by the end of the year, according to data from JLL.