Kings Capital acquired a long-vacant 17-story building in Manhattan’s Financial District with plans to convert it into a sleek rental building.
The development group, led by George Giannopoulos and Jeffrey Znaty, purchased 69 Gold Street from New York Presbyterian Hospital for $30.1 million, according to a source familiar with the matter. The developer is also nearing a $41 million construction loan from Derby Copeland.
The building has been vacant for nearly a decade. New York Presbyterian Hospital once housed staff and employees at the 90-unit building.
New York Presbyterian Hospital’s real estate arm, Royal Charter Properties, whose board includes real estate heavyweights such as Related’s Bruce Beal and Harrison Lefrak,
tapped Cushman & Wakefield in 2024 to list the building, setting a price of $42.5 million.
New York investor Moti Haber initially went under contract to acquire the property, but failed to close and Kings Capital, the next highest bidder, went under contract after that, according to a source. The deal took nearly two years to finalize. The total cost of the project will be $60 million.
Kings Capital recently filed plans to convert the 90-unit shell of a building into 108 residential units and retail space, PincusCo first reported. All of the units are expected to be market-rate, which means Kings Capital will not rely on tax exemptions such as the 485x program.
The developers also plan to build a rooftop space, offering views of East River and Brooklyn Bridge.
“Bringing a deal like this together took vision, teamwork, persistence, and, above all, blessings from the Man above,” said George Giannopoulos, CEO of Kings Capital.
New York Presbyterian previously filed plans to renovate the 1970s-era building in 2015, but those plans were never finished, according to PincusCo. The units have since been gutted, allowing the new developer to complete a full rehab. Founded in 2015, Kings Capital has been active over the past few years in acquiring mid-market Manhattan properties, including its purchase of 392 West Broadway with Cofinance Group in Soho for $21 million last year.
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