Developer KPG Funds has nabbed $50 million in construction financing for a boutique office development in SoHo, reports Commercial Observer.

The project, named "The Crosby," is slated to debut in the first quarter of 2024 at 40 Crosby Street. Plans call for 70,000 square feet of space within the five-story building. Plans also call for 18,000 square feet of commercial space fronting Broadway.

"Newly renovated commercial office space on one of the most coveted blocks in Soho," reads a narrative from the KPG website. "Featuring KPG’s highly sought after thoughtful design and luxury finishes that create stunning interiors with all of the amenities your business needs to make your employees look forward to coming to the office."

Plans call for floors ranging from 11,201 to 11,592 square feet in size, which can be subdivided or leased to a larger tenant which would seek to occupy the building.

The construction financing was provided by Sabal Investment Holdings and GDS Brightstar, according to Commercial Observer.

  • SoHo (Urbanize NYC)