KPG Funds has secured a $50 million construction loan from Sabal Investment Holdings and GDS Brightstar for the redevelopment of 40 Crosby, a 70,000-square-foot office building in SoHo. The project will transform the building into an upscale boutique office space called The Crosby featuring 18,000 square feet of retail space with Broadway frontage.
The three-year loan will fund full renovation including separate entrance on Crosby Street and high-end prebuilt office spaces offering infrastructure, wellness amenities and technology features to cater to big box tenants. Greg Kraut cofounder & CEO at KPG commented “Demand for post covid office space is being redefined by landlords who provide ultra high end experience in desirable locations” Newmark arranged the refinancing.
