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In March 2012, GFI acquired the iconic 5 Beekman Street, a nine-story red brick and terra cotta building designed in the Queen Anne, neo Grec and Renaissance Revival styles by architect James M. Farnworth, in lower Manhattan. Situated proximate to the Brooklyn Bridge and City Hall, the Beekman is comprised of the original building which was erected as Temple Court in 1881, with a complimentary 10-story Annex building which opened in 1883 and on a contiguous site, a 51-story condominium tower, the Beekman Residences which was completed in 2016. The complex totals 350,000 square feet. GFI gut renovated the Temple Court building and Annex and restored the spectacular nine-story atrium to its original grandeur including the encaustic floor tile and Victorian iron railings on each floor. Coupling these historic landmarked buildings with the first 10 stories of the condominium tower, GFI created this iconic 287-room hotel. The balance of the condominium tower includes 67-luxury residences. The Hotel features several marque food and beverages venues operated by two world renowned Chef / Restaurateurs, including Temple Court and the Bar Room by Tom Colicchio, and a new signature restaurant by Daniel Boulud, set to open in mid-2022. In addition, Laissez-Faire, a high end cocktail lounge operated by Jack Mulqueen (Make Believe, Outer Haven) compliments the hotel’s food and beverage offerings. The Hotel has exceptional meeting and event spaces including three rooftop terraces including one covered by a Pergola and two 2-story Turret suites. The hotel opened in August 2016 and has continuously won numerous industry distinctions and Awards, including the Urban Land Institute’s prestigious Hotel Development of the Year award, 2018 U.S. News & World Report “Best Hotels in NYC”, Conde Nast Traveler “2019 Gold List”, and Forbes “Best Botique Hotels in New York City”. The development of The Beekman was instrumental in the transformation of Lower Manhattan.
GFI acquired the former “Parker Hotel” in January of 2019 and reopened the Hotel as the Thompson Central Park in November 2021. When the hotel was acquired it contained 729-guest rooms, the Burger Joint Restaurant, Norma’s Restaurant, The Knave Bar, Event and Meeting Spaces and other underground retail. GFI recognized that the lifestyle hotel market was underserved in the Central Park market and an opportunity to create a contemporary lifestyle hotel with luxury residences. The final design downsized the hotel to a total of 587-rooms and created 99-luxury pied-a-terre residences (“ONE11 Residences”) ranging in size from 550 square foot studios to 3,500 square foot penthouses with spectacular views of Central Park. The Thompson Central Park features newly designed interiors and guest rooms, a redesigned lobby with a new 3-meal-a-day lounge, the Burger Joint Restaurant, more intimate event and meeting spaces, a new fitness center with Peloton studios, upgraded underground retail and the highly anticipated Upper Stories, which will comprise 174-luxurious guestrooms and suites including access to the private Upper Stories Lounge. Condo sales began closing in Q4 2023 with strong buyer demand.
Through GFI’s strong relationship with the project’s institutional partner, GFI was engaged to take over as development manager of the troubled development. The project features 125 condominium units comprising of 110 units in an adaptive reuse building and 15 villas surrounding the main building. GFI successfully worked with the local development team and general contractor to achieve a phased-TCO and successful turn over to the property management team. In 2020, GFI entered into a forward purchase agreement for the 15-villas and fully sold out to end-buyers in 2023.
GFI Development, together with its joint-venture partners, are developing a 270-unit Class A multi-family high-rise in Naples, FL. The site is part of a larger master plan (“Metropolitan Naples”) which is entitled for 120 residential condos, 228 hotel keys, up to 111k SF of retail, 90k SF of office and 150 units of assisted living (all of which will be developed by other developers). The site was upzoned to be the only high-rise multifamily building in a traditionally low-rise development area and is in close driving distance to downtown and the beach. Once complete in 2024, the property will include 270 ultra-premium apartment rentals, ground-floor retail and 439 spaces of indoor structured parking.
The Ace Hotel in Brooklyn was a ground-up development and opened to the public in July 2021. Centrally located between bustling the neighborhoods of Downtown Brooklyn and Boerum Hill, the 287-key Hotel features numerous amenities, including the “As You Are” bakery café restaurant and bar, the Garden lounge, Lobby Bar, a state-of-the-art retro fitness center and retail spaces. In addition, the Hotel offers a Grand Ballroom with natural light and a Demonstration Kitchen and classroom. The hotel was designed by Stonehill Taylor and Roman and Williams.
In 2006, GFI seized the opportunity to transform the 180,000 square-foot former Breslin Hotel in Manhattan into the first major hotel for the Ace Hotel brand. The renovation of this landmarked building launched the Ace brand with a 287-room hotel. The Ace New York has been dubbed “a neighborhood starter kit” by New York Magazine for the hotel’s innovative retail and food and beverage concepts, which energized a long forgotten New York City neighborhood. The hotel’s interiors have been internationally praised by publications such as Wallpaper Magazine and The New York Times, as well as winning a coveted award for best boutique design hotel from Interior Design magazine. The Ace Hotel New York was recognized among the Top Ten Trendiest Hotels in the World by Conde Nast Traveler. The hotel also features dynamic retail tenants including MilkBar Bakery, Stumptown Coffee Roasters, Blackseed Bagel, Juice Generation, Rudy’s Barbershop and Le Labo.
In 2016 GFI acquired a prime site in downtown Denver whereby it plans to develop an approximately 264,000 GSF mixed-use project consisting of a 188-key lifestyle hotel, 4,500 SF of destination retail, 35,000 SF of leased office space and below grade parking. The project is located on a corner lot consisting of a historic 38,000 SF former Catholic convent and high school, an 8,000 SF former gymnasium and an approximately 150’ by 127’ parking lot with frontage on East 19th Avenue, Grant Street and Logan Street in the North Capitol Hill neighborhood of Denver. The site is centrally located, within walking distance of Restaurant Row, a one-mile stretch of 17th Avenue featuring Denver’s leading restaurants and bars and the Central Business District, located approximately two blocks to the west.
GFI acquired the historic Beaux-Arts style Carlton Hotel in 2015. Located on the corner of 29th street and Madison Avenue in the heart of NoMad, with a portion of the hotel located on 28th St., the hotel underwent an extensive $50 million renovation in 2018, including the addition of 20 new guest rooms and suites. GFI brought the renowned Scarpetta Restaurant as the hotel’s signature food and beverage offering and created a new separate grand entrance to the restaurant with direct access from both Madison and 29th Streets. The operator of Scarpetta, LDV Hospitality also created the Seville Lounge as the hotel’s high end cocktail bar featuring live entertainment. A critical component of the renovation was the relocation of the original hotel lobby from Madison Avenue to 29th Street to recapture the two story Madison Avenue space for retail and create a spectacular new lobby. This allowed GFI to create a Ballroom beneath the retail space, with a grand staircase from the lobby, and to further maximize the real estate value of the property. GFI also recaptured frontage on 28th Street that was formerly used for storage to create additional retail. Tenants include Bourke Street Bakery, Smallbone of Devizes, and SLT (Strengthen, Lengthen and Tone).
GFI Hospitality acquired the Crowne Plaza JFK Airport in April 2017. The then 330 key Hotel had recently undergone a $16.5 million dollar renovation. Upon acquisition, GFI converted several underutilized suites into guestrooms and increased key count to 335. GFI successfully exited the investment in Q1 2024.
GFI Hospitality acquired the Hilton Greenville in September 2018. Located conveniently off Interstate 385, and minutes from Greenville-Spartanburg International Airport (GSP), the Hotel boasts 256 guest rooms and 14,000 square feet of meeting s pace, including a 4,750 square foot banquet space capable of accommodating group functions up to 600 guests. Upon acquisition, GFI engaged Crescent Hotels & Resorts to manage the hotel. The Hotel is currently undergoing an approximate $6-million dollar Property Improvement Plan (“PIP”) including a full guestroom renovation as well as a re-concepting of the Food & Beverage offering.
Mission Gateway will be the Kansas City area’s premier mixed-use development, consisting of over 760,000 square feet of space that will include approximately 373 multifamily apartments, a 202-key Marriott Element hotel, 100,000 square feet of office, 90,000 square feet of experiential-based retail, 50,000 square feet of ground-floor retail and restaurant space, and 1,500 garage parking spaces.
In 2009, GFI Capital Resources acquired the lender’s note and deed on a stalled condo project in the heart of north Williamsburg, Brooklyn. The original developer experienced local resistance due to the aggressive height planning and controversial design. GFI saw an opportunity to creatively correct a challenging situation and acquired the project in 2009. The building has 41 condo units ranging from 752 square foot one-bedrooms to a 2,144 square foot penthouse unit. The project sold out in six months between late 2011 and early 2012 at a significant premium to the market resulting from the unique attributes of the building – design, amenities, views and location.
A key component of the development project is the 20,000 square feet of retail space at the ground level, which GFI still owns. GFI Capital Resources recruited best-in-class restaurants, clothing boutiques and office tenants to deliver retail that would be embraced by the Williamsburg community.
Jefferson Park Apartments is a 208-unit multifamily garden-style complex asset located in Liberty, MO, approximately 20 minutes outside Kansas City, MO. The Property was built in 1987 and contains 8 three-story buildings across 11.5 acres with interior and exterior amenity spaces. GFI acquired the property in December 2022 with plans to complete extensive interior and exterior upgrades.
Adara Godley Station is a 256-unit class-A multifamily asset located in Savannah, GA,just outside the Pooler city limits. The property was built in 2017 and purchased by GFI in 2018.
The units have a high end finish out with wood plank floors, granite countertops, subway tile backsplashes, black appliances (typical in this market), full size washer and dryer units and 9′ ceilings.
Community amenities include a beautiful resort style saltwater pool, game room with billiards and shuffleboard, fitness center with yoga and spin rooms, pet and car wash stations, outdoor grills, walking and biking trails and a pond.
GFI sold the property in 2021.
Copper Ridge
GFI Capital Resources developed a premier midrise apartment community consisting of 292 units in the upscale Kansas City suburb of Liberty, Missouri. Completed in early 2019, the property stabilized at over 96% occupancy within 14 months of completion. Property amenities include attached garages and surface parking, storage, pool, BBQ, gym/fitness center, resident lounge, business center and movie screening room.
GFI sold Copper Ridge in Q1 2020.
The Venue Craig Ranch is a 277-unit multi-family property located at 4651 S. Custer Road, McKinney, TX. The property received its final certificate of occupancy in April 2017 and was acquired by GFI in Q4 2017. The units have a high-end finish with wood plank floors, granite countertops, stainless appliances, full size washers and dryers and 9’ ceilings. Community amenities include a resort style pool, billiards room, pet park and 140 garages.
GFI sold the property in 2020.
GFI recognized an opportunity to deliver 257 multifamily units to the River Market neighborhood of Kansas City, MO. Phase 1 included 137 newly renovated units with top-of-the-line amenities and appliance package. Phase 2 was complete in 2020 and included 120 newly constructed luxury apartments with 150 parking spaces, a premium gym and rooftop terrace. The two adjoining buildings share the centrally located pool deck for all residence and guests. The property stabilized in early 2021 at a 96% occupancy rate.
GFI sold the property in 2021.
The Lakes at Deerfield is a 212-unit class B+ multifamily asset located in Deerfield Beach, FL, located in the Miami-Fort Lauderdale MSA. The property was built in 1995 and purchased by GFI in 2016.
The Lakes at Deerfield provides a competitive advantage in the submarket through quality construction and premium amenities such as a tennis court, pool, business center and volleyball court. The property has 43 affordable units with a LURA that expire in 2025. GFI has completed over 20-unit upgrades with stainless steel appliances and new flooring, HVAC replacements, façade refurbishments (i.e., exterior painting and awning replacements) and leasing office/club house upgrades. After completing an extensive repositioning and increasing rent and occupancy, GFI sold the property in 2021.
In 2014 GFI purchased a 1940’s construction asset consisting of 224 multifamily units in the West Plaza District of Kansas City, MO. The property was an underperforming class “C” asset with tremendous upside potential. GFI Development rebranded the property, renovated the unit interiors to compete with new construction product on the Plaza, and added amenities such as a beautiful swimming pool, clubhouse, resident movie theatre and fitness center. Infinity is now considered one of the most sought-after locations in the Plaza-area.
GFI sold the property in 2019.
Providence at Harbour Club is a 1974 vintage, 1,112 unit apartment community located in Belleville, Michigan. Situated on Belleville Lake, the Property is comprised of 43 apartment buildings on 159 acres of landscaped grounds containing a clubhouse, fitness center, outdoor swimming pool, sauna, tennis courts, playground, laundry facilities, and covered parking; as well as a marina and boat launch, and a 9- hole PGA public golf course. The Property has 3 studio units of 505 square feet, 518 one-bedroom units ranging from 805 to 835 square feet, and 591 two-bedroom units ranging from 945 to 1,100 square feet. Unit amenities include in-unit washer and dryer, balcony or patio, air conditioning, garbage disposal, dishwasher, walk-in closets, ceiling fans, and additional storage. GFI sold the property in 2019.
This beautiful pre-war, elevator building in Prospect Heights was built in 1922 and has six stories and 78 units. It is directly across from and overlooks the Brooklyn Museum and is just steps from the Botanic Gardens, Prospect Park, weekend Greenmarket and multiple trains. Residents enjoy entering the building through a landscaped front yard and a beautiful marble lobby, tended by a doorman. In addition, the pet-friendly, well-maintained coop features a live-in super. Many individual units feature city and park views and original pre-war details.
Built in 2008, the 270-unit Carrington Place at Shoal Creek was designed with gourmet kitchens, lofty 9-foot ceilings with crown molding, private balconies and patios, intrusion alarms, full-sized washer and dryer machines in every unit, and oversized walk-in closets. Amenities include a stunning resort-style swimming pool with sundeck, a poolside grilling area, cardio strength training center, auto detailing bay, and a state-of-the-art Business Center. GFI successfully operated the property for 7-years while increasing occupancy and net rents.
Built in 2009, the 278-unit Villas at Carrington Square is comprised of 1, 2 and 3 bedroom apartments in Kansas City, MO. The Villas at Carrington Square feature luxury apartments and a resort-style pool with sundeck, gourmet grilling area, billiards room, putting green, auto detailing bay, and a high-tech cardio strength fitness center. GFI successfully operated the Villas at Carrington Square while increasing occupancy and net rents.
Spread over five-acres, the 180-room Ace Hotel and Swim Club in Palm Springs has become one of the desert city’s most dynamic resort destinations. GFI acquired the former Howard Johnson hotel in 2007 and invested over $40 million to reposition it as the premier lifestyle destination resort in Palm Springs, California. Los Angeles-based design company, Commune, was selected by GFI to work alongside Ace’s own design team, Atelier Ace, to create the property’s distinctive style. Several artists and designers working in the region were commissioned to create furniture and site-specific art, which is featured throughout the property. In addition to transforming a former roadside diner into what is now the hotel’s signature Kings Highway Restaurant, the Ace features a spa, gym, and two pools. The Ace Hotel and Swim Club has received national and international praise from esteemed publications, including Elle Décor and Conde Nast Traveler. It consistently outperforms its competitive market and was recognized among the Top Ten Trendiest Hotels in the World by Travel & Leisure. GFI successfully exited the investment in Q4 2022.
In August 2013, GFI acquired the historic 165-room Ambassador Hotel located in the Warehouse District of New Orleans, proximate to the French Quarter and CBD/Office market for $15.85 million. The Project underwent a $14.3 million full property renovation and redesign, repositioning the property as an upscale lifestyle hotel, opening as the Old No. 77 Hotel and Chandlery in Spring 2015. The hotel interiors highlight the building’s rustic original details, including hardwood floors and exposed brick walls, pairing sophisticated modern design with culture and art rooted in New Orleans. The hotel features Compere Lapin, an eatery serving Caribbean and European-accented fare which was voted #1 new restaurant in New Orleans for 2015 by eater.com. The Hotel is managed by Provenance Hotels. GFI successfully exited the investment in 2016.
In the Spring of 2008, GFI acquired 1170 Broadway, located in New York City, with a view toward converting the landmarked building into a luxury hotel in the emerging NoMad district. Despite the global financial crisis, the 133,000 square foot former office building was successfully converted into a premiere lifestyle hotel featuring 168 guestrooms, replete with double bay windows and views of the Empire State and surrounding flatiron buildings. The interiors were designed by internationally acclaimed designer, Jacques Garcia, who brought his unique take on contemporary, bohemian opulence while simultaneously preserving the building’s historic feel.
GFI Hospitality acquired the Hilton Garden Inn Detroit in October 2016 at auction and immediately executed a $4 million dollar Property Improvement Plan (“PIP”), including renovations of all guest rooms and guest bathrooms. GFI also extended the Franchise Agreement with Hilton Hotels, and engaged Crescent Hotels & Resorts to act as Manager. Upon completion of the PIP and Management change, the Hotel Average Daily Rate (“ADR”) increased by over $30, a CAGR of 10.7%. Upon exit in June 2019, the property realized an IRR of 68.0% and an Equity Return of 3.5%.
Strategically situated in one of the metro area’s most transit-centric neighborhoods in the Fort Greene section of Brooklyn, 470 Vanderbilt Avenue is a 10-story, 660,000 square foot former telecom building that GFI Capital Resources converted into an office building. GFI Capital Resources acquired the ground lease interest of 470 Vanderbilt Avenue in 2007 when the building was vacant. The company then undertook an aggressive leasing and recapitalization strategy in order to turn around the asset and increase occupancy from below 10% to over 90%. The project was financed through a partnership with an institutional equity partner and included $130 million senior loan and $44 million of tenant improvement financing. The building’s office leases were named the largest Brooklyn office leases of 2011, a 20- year, 400,000 square foot lease to the Human Resource Administration. Other notable tenants include the New York City Housing Authority and League Education & Treatment Center.
In 2007, GFI Capital Resources acquired the ground lease interest of the development site at 810-834 Fulton Street in the Fort Greene section of Brooklyn. GFI Capital Resources successfully upzoned the existing open-air parking lot through the Uniform Land Use Review Procedure (“ULURP”). Through the ULURP process, development rights to the existing lot were successfully increased to allow for approximately 347,000 square feet of above-grade residential development with ground floor retail and an underground parking lot (previously the property allowed for 126,550 square feet above grade).
1014 Avenue J (aka 1348-1360 Coney Island Avenue) is a corner (6)-story elevator mixed-use building consisting of 49 apartments and 6 stores located in the Midwood section of Brooklyn. The asset has been under the same ownership since 1976. The apartments are configured as twenty-seven (1)-bedroom units, seventeen (2)-bedroom units and five (3)-bedroom units. All of the units are rent stabilized with the exception of three rent controlled units. The property is situated in a major commercial thoroughfare, just several blocks from the Q subway line.
