KPG Funds has secured a $50 million construction loan to complete The Crosby, a new boutique office building in Soho. Located at 40 Crosby Street, the five-story building will comprise 52,000 square feet of office space and an 18,000-square-foot retail space on the ground floor.
The three-year construction loan was provided by Sabal Investment Holdings and GDS Brightstar in a deal brokered by Newmark.
“Bespoke office is on fire and we can’t build fast enough to accommodate the demand for our Signature KPG office product,” said KPG cofounder and CEO Greg Kraut. “The demand for office space post-covid is being redefined in 2023 by landlords who provide an ultra high-end experience for their tenants in highly desirable locations.”
Interior rendering of The Crosby – Courtesy of KPG Funds
Interior rendering of The Crosby – Courtesy of KPG Funds
Interior rendering of The Crosby – Courtesy of KPG Funds
Renderings of the building show a cast iron facade with oversized windows and ornamental fins. Within, the structure features minimal columns, floor plans that stretch up to 11,400 square feet, and 18-foot ceiling spans.
KPG expects the project to debut early next year.
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There’s a reason those face to face desks are empty. Lol