Executives from Broadway Construction Group joined GFI Development and GFI Hospitality, affiliates of GFI Capital Resources Group, alongside their partners in the project, Spruce Capital, to celebrate the topping out of 61 Bond Street (a.k.a. 252 Schermerhorn Street), a 13-story hotel and retail property in Downtown Brooklyn.
The development, which is expected to be complete in the fall of 2019, will be 178,000 square feet and comprise 287 guestrooms featuring divided light windows that allude to Brooklyn’s robust industrial past. The property will also feature approximately 5,500 square feet of retail space, including a restaurant and bar.
Located in proximity to the Barclay’s Center, Atlantic Center, the Terminal Mall, and nine subway lines, 61 Bond Street is positioned to meet the strong demand for hospitality space in Downtown Brooklyn and the surrounding area.
“As Downtown Brooklyn and its adjacent neighborhoods experienced rapid growth in recent years, the parking lot at the corner of Bond and Schermerhorn remained untouched,” stated Allen Gross, CEO of GFI Capital Resources Group. “We waited for the right time to develop a project that will bring to the neighborhood a much-needed new lifestyle hotel option, and that time is now. We are very pleased and excited to celebrate the topping out of a building that we believe will become a beloved part of the fabric of Brooklyn and its skyline.”
For Broadway Construction Group, 61 Bond Street’s location directly on top of a subway line presented a unique challenge. The general contracting and construction firm, which specializes in difficult urban ground-up and adaptive reuse projects, overcame the issue by utilizing innovative vibration isolation construction methods.
“Vibrations from public transit can be felt even at a distance, so being directly on top of a city subway line is normally highly undesirable,” explained Everard Martin, President of Broadway Construction Group. “However, our experienced team was able to isolate the building from all vibrations, and create a structure that will provide tranquility and comfort to the guests who will stay here.”
GFI Capital has been involved in numerous other high-profile projects in New York City. Most recently, an affiliate of GFI Capital acquired The Beekman in Lower Manhattan, and transformed it from an old, decaying property into the city’s most vibrant hotel. As part of the Beekman project, GFI’s affiliates also built an attached 51-story tower, featuring an extension of the historic hotel and a collection of luxurious, modern condominiums. The Beekman has been credited as one of the key developments leading the dramatic change in Downtown Manhattan.
About GFI Capital Resources Group, Inc.
Founded in 1983 by Allen Gross and headquartered in New York City, GFI Capital Resources Group, Inc., through its affiliates, is a leading, diversified provider of comprehensive real estate and insurance services to clients throughout the U.S. Through an integrated platform of affiliates specializing in commercial real estate finance and sales, property management, insurance, hospitality, and real estate development, GFI is powered by strong relationships with major financial institutions, capital partners and investors of real estate.
GFI has built its reputation on a steadfast commitment to maintaining the highest level of professionalism in every aspect of its business. The company’s service-oriented culture, extensive network and deep knowledge of local markets strongly position GFI to deliver unparalleled value and results. For more information, visit gficap.com.
About Broadway Construction Group
Founded in 2013, Broadway Construction Group has quickly established itself as one of New York City’s most nimble and capable third-party construction managers and general contractors. The firm’s current projects includes 810 Fulton Street, a 12 story, 400,000 SF, 363 unit residential tower located in Brooklyn and The Dime, a 22-story, 177-unit residential tower adjoining the Dime Bank in Williamsburg. Broadway Construction Group recently converted 5 Beekman Street, a 19th-century Manhattan landmark, into The Beekman, a chic hotel that consistently ranks among the premier hospitality properties in the country. As part of The Beekman project, Broadway Construction Group is in the final stages of completing construction on an adjoining 51-story tower, which will feature luxury condominiums and additional hotel rooms. For more information, visit broadwaycg.com.
About Spruce Capital
Spruce Capital Partners, founded in 2007 by Joshua Crane and Robert Schwartz, is a New York City based real estate owner, developer, and investor. The firm and its partners have both acquired and developed a portfolio of assets totaling in excess of $3 billion. Additionally, the partners of Spruce run S3 Capital, one of the most active bridge lenders in New York City. S3 has closed over 250 loans since 2014 totaling over $1 billion. The firm employs a team of experienced industry professionals in construction, finance, underwriting, acquisitions, origination and asset management.