NEW YORK CITY — GFP Real Estate has obtained a $191.5 million construction loan for the office-to-residential conversion of 40 Exchange Place, a historic 300,000-square-foot, 20-story building in Lower Manhattan’s Financial District. 40 Exchange Place was completed in 1893 and served as the headquarters for the New York Stock Exchange from 1856 to 1865. Derby Lane was the lender, and Newmark’s Jordan Roeschlaub, Chris Kramer and Tim Polglase arranged the financing.
Upon completion, the building will include 382 multifamily units in a mix of affordable and market-rate rents as well as ground floor retail and tenant amenities. In addition to the loan, the project will be backed by federal and state historic rehabilitation tax credits as well as a 35-year 457-m tax abatement, a New York City incentive designed to support office-to-residential conversions. A construction timeline and development team has not yet been named or announced. GFP is a New York City-based owner, property manager and developer of commercial real estate in the New York metro area. The firm’s portfolio includes iconic Manhattan real estate, including the Flatiron Building.