Draft:GFP Real Estate

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  • Symbol opinion vote.svg Comment: Carpet-bombed with references, but they mostly look like routine coverage of sales and other business transactions. This kind of coverage does not meet WP:NCORP. Almost certainly WP:UPE. Please see WP:COI and make any required declarations. -- RoySmith (talk) 22:36, 19 July 2019 (UTC)


GFP Real Estate, LLC
Private
IndustryReal estate development
Founded1952; 67 years ago (1952)
FounderAaron Gural
Headquarters125 Park Avenue,
Manhattan, New York City
,
U.S.
Area served
New York metropolitan area
Key people
Jeffrey Gural, Chairman
Eric Gural, Co-CEO
Brian Steinwurtzel, Co-CEO
Number of employees
200+
Websitegfpre.com

GFP Real Estate (GFPRE) is a family held, full-service real estate development, investment and management firm based in New York City. Founded in 1952 by Aaron Gural, the company renamed and now known as GFPRE specializes in acquiring, developing and managing commercial office and mixed-use space including studios, showrooms, residential, retail and bioscience[1] properties. GFP Real Estate's Chairman Jeffrey Gural consistently ranks in the Top 100 of the commercial real estate industry's most influential people. [2][3][4][5][6]

The company is headquartered at 125 Park Avenue in Manhattan, New York City.[7]

Company Portfolio[edit]

GFP Real Estate is one of the top developers[8] within New York City real estate with a combined owned and managed portfolio of 72 buildings and 16 million square feet .[9] Over the period from 2016 through 2019, the firm has acquired 10 properties with the acquisitions comprising more than 2.7 million square feet and valued at over $1.3 billion.[9]

Renamed from Newmark Holdings to GFP Real Estate in 2017[10][11], the company is known for developing and owning a number of New York landmarks[10] including:

Lease Trends[edit]

Leases noted in the The New York Times include :

  • KFD Public Relations at 594 Broadway, for $60/sq ft at $170,820 approximate annual rent in January 2018[19]
  • Cloe & Isabel Jewellers at 40 Exchange Place for $50/sq ft at $325,850 approximate annual rent in February 2018[20]
  • Palisades Media Group at 171 Madison Avenue, for $52/sq ft at $205,400 approximate annual rent in March 2018[21]
  • Esther A. and Joseph Klingenstein Fund at 80 Eighth Avenue for $55/sq ft at $360,000 approximate annual rent in April 2019[22]

Philanthrophy[edit]

The Commercial Observer reported on how non-profits are getting squeezed out of Manhattan, though highlighted GFPRE's public commitment to assist the non-profit sector to ensure many could remain if they wished.[23] Eric Gural noted "It was always one of the missions of the family to help nonprofits. The way we look at it is what they would do with the money is far greater than what we would do with the money."[23] Lauren Letta, COO of Charity Water noted, GFPRE "always stay so true to their promises. When we found this great space, they helped us figure out a rent that made sense."[23] In May 2019 A.R.T. New York announced, "With over 40 years of service to over 410 member theatres, A.R.T./New York is excited to honor Board Chairman and visionary philanthropist, Jeffrey Gural"[24] as 2019 winner of the Kathy and Howard J. Aibel Award, with mention of GFP Co-CEO Eric Gural as a previous winner of the award.[24]

History[edit]

Aaron Gural, the GFP Real Estate founder noted by the New York Times as "visionary"[25], shared in 1981: "You don’t need decrepit industrial lots in the heart of Manhattan. There ought to be showrooms for the garment industry around 10th Avenue, and apartments and hotels overlooking the boats on the Hudson River."[26][25]

Jeffrey Gural held the helm from 1978 onwards until recently, when Brian Steinwurtzel and Eric Gural took the mantle to jointly lead the company. Jeffrey Gural remains as Chairman.[27]

References[edit]

  1. ^ Bockmann, Rich (November 20, 2018). "Gural family's GFP planning $240M biotech center in Long Island City". The Real Deal. Retrieved June 24, 2019.
  2. ^ The Editors (April 29, 2015). "The Power 100: Commercial Real Estate's Most Powerful Players (2015)". Commercial Observer. Retrieved July 19, 2019.CS1 maint: extra text: authors list (link)
  3. ^ The Editors (April 20, 2016). "The Power 100: Commercial Real Estate's Most Powerful Players (2016)". Commercial Observer. Retrieved July 19, 2019.CS1 maint: extra text: authors list (link)
  4. ^ The Editors (April 26, 2017). "The Power 100: Commercial Real Estate's Most Powerful Players (2017)". Commercial Observer. Retrieved July 19, 2019.CS1 maint: extra text: authors list (link)
  5. ^ The Editors (April 25, 2018). "The Power 100: Commercial Real Estate's Most Powerful Players (2018)". Commercial Observer. Retrieved July 19, 2019.CS1 maint: extra text: authors list (link)
  6. ^ The Editors (April 23, 2019). "The Power 100: Commercial Real Estate's Most Powerful Players (2019)". Commercial Observer. Retrieved June 24, 2019.CS1 maint: extra text: authors list (link)
  7. ^ "GFP Real Estate LLC". Bloomberg. Retrieved July 19, 2019.
  8. ^ The Editors (November 6, 2018). "Owners Magazine 2018: Talking Shop With NYC's Top Landlords and Developers". Commercial Observer. Retrieved July 19, 2019.CS1 maint: extra text: authors list (link)
  9. ^ a b Kalinoski, Gail (May 24, 2019). "GFP Buys Historic Manhattan Office Asset for $89M". Commercial Property Executive. Retrieved June 24, 2019.
  10. ^ a b c d Brenzel, Kathryn (October 2, 2017). "Jeff Gural steps down as chairman of Newmark Knight Frank". The Real Deal. Retrieved June 24, 2019.
  11. ^ Jordan, John (June 24, 2019). "To End Confusion, Newmark Holdings Changes Name". Law.com, archived on LexisNexis. Retrieved June 24, 2019.
  12. ^ Evans, Judith; Chaffin, Joshua (January 23, 2019). "Knotel poised to lease Flatiron building for shared-office sector". Financial Times. Retrieved June 24, 2019.
  13. ^ REW (October 25, 2017). "GFP refinances Film Center Building with $75M loan". Real Estate Weekly. Retrieved June 24, 2019.
  14. ^ "Merchants Square Building at 40 Worth Street". Retrieved June 24, 2019.
  15. ^ Rothstein, Matthew (January 17, 2018). "GFP Real Estate Buying FiDi Office Building For $310M In First Big Deal Since Name Change". Bisnow. Retrieved June 24, 2019.
  16. ^ Chadha, Janaki (January 23, 2019). "POLITICO New York Real Estate: Potential SL Green sale". Politico. Retrieved June 24, 2019.
  17. ^ a b Bockmann, Rich (January 22, 2019). "GFP, Northwind seek new equity partner for FiDi office overhaul". The Real Deal. Retrieved June 24, 2019.
  18. ^ Grossman, Matt (May 22, 2019). "GFP Takes Over Major Avenue of the Americas Ground Lease for $89 Million". Commercial Observer. Retrieved June 24, 2019.
  19. ^ Rodamsky, Rosalie (January 23, 2018). "Recent Commercial Real Estate Transactions". The New York Times. Retrieved June 24, 2019.
  20. ^ Radomsky, Rosalie (February 27, 2018). "Cloe & Isabel jewellers lease 40 Exchange Place". The New York Times. Retrieved June 24, 2019.
  21. ^ Radomsky, Rosalie (March 27, 2018). "Recent Commercial Real Estate Transactions". The New York Times. Retrieved June 24, 2019.
  22. ^ Wichter, Zach (April 23, 2019). "Recent Commercial Real Estate Transactions". The New York Times. Retrieved June 24, 2019.
  23. ^ a b c Rizzi, Nicholas (November 6, 2018). "Staying Put: Nonprofits Are Fighting to Remain in Manhattan Despite High Rents". Commercial Observer. Retrieved June 24, 2019.
  24. ^ a b "A.R.T./New York Celebrates Jeffrey Gural, Mia Katigbak, and J.T. Rogers at their 2019 Gala". ART New York. May 29, 2019. Retrieved June 24, 2019.
  25. ^ a b Hevesi, Dennis (March 13, 2009). "Aaron Gural, Real Estate Executive, Dies at 91. A version of this article appears in print on Page A18 of the New York edition with the headline: Aaron Gural Dead at 91; A Real Estate Visionary". The New York Times. Retrieved June 24, 2019.
  26. ^ Fleetwood, Blake (January 7, 1981). "NEW CONVENTION CENTER WILL HOUSE SHOPS, TOO". The New York Times. Retrieved July 19, 2019.
  27. ^ Elkies Scram, Lauren (August 17, 2016). "Inheriting a Great Real Estate Empire Is More Complicated Than It Looks". Commercial Observer. Retrieved June 24, 2019.

External links[edit]