Dev Lands $50M Loan for Boutique SoHo Office Renovation

Developer, PRO, has just secured a $50 million construction loan for a 5-story, commercial project, at 40 Crosby Street in Manhattan's SoHo neighborhood. Issued by Sabal Investment Holdings and GDSNY's lending platform, GDS Brightstar, this influx of capital will be used to gut and renovate an existing commercial building, dating back to the early 1900s.

To be known as "The Crosby", the transformed building will feature PRO square feet of ground floor retail, and PRO square feet of boutique, high-end office space.

Combining some of the original features such as the windows and columns, with a modern design language, the new development will still exude a bit of old-world charm, while providing present-day functionality. The structure will also maintain its cast-iron facade in keeping with the style of the surrounding neighborhood.

Boasting roomy, 18-foot ceiling heights, the office floors will range from 11,201 to 11,592 square feet, and are to provide configuration flexibility for the new tenants.

The renovation's design will be led by Spencer Engineering, with Duprat Construction Corp serving as the general contractor for the project. Work is expected to take until early 2024. 40 Crosby Street is alternately addressed as 480 Broadway because the structure is built on a through lot and the entrance to the retail portion is located on the street behind.

View 40 Crosby Street >>