GFP Real Estate announced on Apr. 28 the formation of a new affiliate, GFP Development, to focus on development projects in New York City and Jersey City.
The move aims to clarify roles within the company and recognize Brian Steinwurtzel’s contributions. Steinwurtzel, who was named chief executive officer of GFP Development, previously led the parent company’s development division.
Jeff Gural said the separation was intended to reduce confusion in the market and give proper credit to Steinwurtzel. “Every time he was doing a deal and I would look in the magazines, it would have my picture and say Jeff Gural’s GFP is doing something,” Gural said, explaining that this did not reflect who was actually leading specific projects.
Day-to-day operations are expected to remain largely unchanged since Steinwurtzel already oversaw development efforts. The distinction formalizes that Gural will continue focusing on legacy properties—such as those in Soho and the Garment District—while Steinwurtzel leads new initiatives. Recent projects under Steinwurtzel include several Manhattan conversions: 100 Gold Street, 25 Water Street, and 222 Broadway.
Last year, GFP was selected by the New York City Economic Development Corporation to redevelop an office building at 100 Gold Street into a mixed-income residential property with plans for approximately 3,700 units; about one quarter will be designated affordable housing. Looking ahead, Steinwurtzel said that GFP Development will take an “agnostic” approach toward asset types—including office developments, life sciences buildings, and ground-up residential construction.
Meanwhile, reports indicate that Gural is engaged in advanced discussions with Cooper Union regarding acquisition of the Chrysler Building’s ground lease after Cooper Union ended its agreement with RFR due to rent payment defaults.
