KPG Funds bets on Greenwich Village office

Manhattan-based developer KPG Funds has signed a 99-year ground lease to take over a Greenwich Village building for approximately $35 million and revamp it into boutique offices. 

The Class B property at 132 W. 14th St. was formerly used by the Salvation Army as auxiliary space. Now that KPG has the leasehold, it will develop a high-end Class A office that will be known as Le Gallerie because it will include a massive lobby that displays influential, contemporary street art. Featured artists will range from Bansky to Basquiat, company CEO Greg Kraut said.

The deal is an indication of the developers’ bullishness toward the city’s office market, which has been experiencing dismal occupancy rates

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