HFF arranges $39.6 million construction loan for speculative boutique office building at 76 8th Avenue in Manhattan, NY

Rendering of Planned 76 8th Avenue,
 Meatpacking District, Manhattan, NY

NEW YORK, NY – – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged a $39.6 million construction loan for 76 8^th Avenue, a 10-story, 34,364-square-foot, speculative boutique office building with ground floor retail on the prime corner of 8^th Avenue and 14^th Street at the edge of Manhattan’s Meatpacking District.

Kristen Knapp

Working on behalf of the borrower, Noviprop, LLC, and co-developer Plus Development, HFF placed the construction loan with G4 Capital Partners.  

Gene Kaufman

Designed by Gene Kaufman with interiors by Raad Studio, the project is scheduled for delivery in Summer 2020. 76 8^th Avenue will feature ground floor retail, nine floors of office space and a common roof deck for tenants.

The modern design, boutique nature and prime location is expected to drive leasing interest from tech and financial firms.

The remarkable Meatpacking micro-market has garnered the attention of top tenants including Diane von Furstenberg, Alibaba and Google, which is located one block north of 76 8^thAvenue.

 76 8^th Avenue has immediate access to public transportation with the 14^th Street Subway station located directly in front of the property, connecting it to Williamsburg, Financial District and Midtown within minutes.

Peter Lotchford

The property is located near New York’s top amenities such as The High Line, Hudson River Park, The Whitney Museum and Chelsea Market. 76 8^th Avenue is situated at a five-way intersection at the edge of the Meatpacking District, which is known for its chic and trendy roster of hotels, restaurants and retail tenants, including The Standard Hotel, Bubby’s, Catch, Tory Burch and Restoration Hardware.

The HFF debt placement team representing the borrower was led by senior director Peter Rotchford, managing directors Chris Peck and David Giancola and analyst Kristen Knapp.

Christopher
Peck

“HFF was thrilled to play a role in the capitalization of 76 8^th Avenue,” Rotchford said.  “Noviprop has owned the site since the early 1980’s and we are excited to watch them contribute to one of Manhattan’s most popular boutique office markets.” 

About G4

G4 Capital Partners (“G4”) is an established middle-market real estate finance company focused on lending in the tri-state area.  Since its launch in 2005, G4 has originated and funded loans with a combined value in excess of $1.5 billion.

David Giancola

About Plus Development

Headquartered in Los Angeles with offices in New York and Dubai, Plus Development LLC was formed as a multi-disciplinary real estate company, with a primary focus on design-oriented projects in the residential, commercial, multi-family, hospitality and retail sectors.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

Diane von Furstenberg

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

PETER ROTCHFORD

HFF Senior Director

(212) 245-2425

protchford@hfflp.com

JOHN DUNNE

Plus Development Group

(917) 767-1971

John@plusdevelopmentgroup.com

ROBERT PALUMBO

G4 Managing Director

(516) 320-8732

Robert@g4dev.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com