**GFP Real Estate Secures $86.5M Refinance Loan for 515 Madison Avenue**
GFP Real Estate has completed an $86.5 million refinancing of 515 Madison Avenue, a 42-story, 350,000-square-foot Class A office tower located in Manhattan’s prestigious Plaza District. Also known as the DuMont Building, the property stands as a historic fixture in Midtown’s commercial corridor.
The new 10-year, floating-rate permanent loan was provided by Apple Bank and replaces a previous $120 million mortgage originally secured in 2012, which was later paid down to $81 million.
Paul Talbot, Senior Managing Director at Newmark, represented GFP in securing the refinancing deal. As part of the transaction, GFP also acquired the remaining minority interest in the property previously owned by ATCO Properties, thereby increasing its ownership stake to 100%. Iron Hound Management played a key role in negotiating an extension of the previous loan on behalf of GFP in 2023.
“We’ve experienced many cycles over the years, and disciplined ownership has always been the key,” said Jeffrey Gural, Chairman of GFP Real Estate. “The successful refinancing of 515 Madison Avenue reinforces the strength of well-located assets and the importance of long-term management.”
515 Madison Avenue continues to serve as a landmark office location, with its legacy and positioning making it a prime example of resilient Midtown Manhattan real estate.
