GDS Brightstar Provides $50M Construction Loan For Office Building At 40 Crosby Street In New York City

Located at 40 Crosby Street in New York City, this office property was recently involved in a closed transaction. The property, situated in a prime location, consists of unspecified square footage. The deal, finalized on 06/15/2023, involved a loan with GDS Brightstar acting as the lender and KPG Funds as the landlord. The loan amount for this construction project was $50,000,000.

Summary of Transaction Details

• Property Type: Office
• Transaction Amount: $50,000,000
• Lender: GDS Brightstar - Alan Rudikoff, Michael Kirschmann, Sabal-Tal Seder & Jon Mirkin
• Landlord: KPG Funds - Greg Kraut & Rod Kritsberg
• Brokers: Jordan Roeschlaub, Dustin Stolly, Nick Scribani - Newmark

The transaction was facilitated by Jordan Roeschlaub, Dustin Stolly, and Nick Scribani from Newmark, who represented the lenders. They worked alongside GDS Brightstar's team, including Alan Rudikoff, Michael Kirschmann, Sabal-Tal Seder, and Jon Mirkin. On the other side of the deal, Greg Kraut and Rod Kritsberg from KPG Funds served as the landlords. This transaction showcases the collaboration between lenders, brokers, and landlords to bring a significant construction project to fruition in New York City.