GFP Seals $87M Refi for 515 Madison Avenue, Takes Full Ownership of Asset

GFP Real Estate has closed on an $86.5 million refinance for 515 Madison Avenue, also known as the DuMont Building, a 42-story, 350,000-square-foot Class A office building in Midtown Manhattan, the firm announced. 

Concurrent with the refi, GFP acquired the remaining 40 percent stake in the building previously owned by ATCO, giving the firm complete ownership of the building. 

Apple Bank provided the 10-year, floating-rate permanent loan that now replaces an existing $120 million mortgage secured in 2012. 

Iron Hound Management negotiated the extension of that initial loan in 2023. Newmark’s Paul Talbot represented GFP in securing the new loan. 

GFP also utilizes the Plaza District building as its headquarters.

“Following COVID, we worked diligently to rebuild occupancy, and the building is now 99 percent leased,” Jeffrey Gural, chairman of GFP Real Estate, said in a statement announcing the refinancing. “The successful refinancing of 515 Madison Avenue reinforces the strength of well-located assets and the importance of long-term management.”

“The combination of GFP Real Estate’s family ownership under Jeff Gural and a proven history of maintaining occupancy levels above 95 percent drove significant lender interest,” Talbot said in the statement. “Apple Bank was ultimately selected based on the strength of its terms and its long-standing relationship with the firm.”

515 Madison Avenue sits at the corner of Madison Avenue and East 53rd Street. The office tower was designed by John H. Carpenter, constructed in 1932 and is easily recognized by the steel antenna on its roof, its use dating back to the earliest days of broadcast television.

Other tenants at 515 Madison Avenue include flexible and on-demand office and conference space provider Jay Suites, ​​Woodhill Real Estate, as well as luxury bridal showroom and boutique Mark Ingram Atelier.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.