GFP Real Estate LLC announced has launched GFP Development, a new affiliated company formalizing the firm’s development and construction platform as GFP continues to pursue large-scale development, repositioning and conversion opportunities throughout New York City and the surrounding region.
The new entity will be led by Brian Steinwurtzel, who will transition from his role as co-chief executive officer of GFP Real Estate to serve as chief executive officer of GFP Development.
The creation of GFP Development reflects the continued expansion of the firm’s development activities in recent years, particularly its development of 100 Gold Street, office-to-residential conversions and adaptive reuse projects, including high-profile redevelopment efforts at 25 Water St. (SoMA), 222 Broadway and 40 Exchange Place and office redevelopments including the relaunch of 1540 Broadway.
“This is an exciting evolution for our organization and a natural next step in GFP’s continued growth,” said Jeffrey Gural, chairman and CEO of GFP Real Estate. “Watching the business evolve across generations of our family while expanding into new areas of the industry has been incredibly rewarding. Brian has done an exceptional job building our development platform, and with him leading GFP Development, I am confident the company is poised to accomplish even greater things in the years ahead.”
Tom Ortinau, head of acquisitions, and Scott Beadle, head of development and construction will also become partners in GFP Development.
As part of the transition, Jeffrey Gural will assume the title of chairman and chief executive officer of GFP Real Estate, continuing to lead the company’s day-to-day operations and oversee its legacy portfolio while guiding the firm into its next phase of growth.
The move further reflects GFP Real Estate’s continued multi-generational leadership transition at the family real estate firm. Members of the four-generation Gural family continue to play an active role across the business. Eric Gural will continue to serve as principal, and will also work alongside his father, Jeffrey Gural, helping oversee the Gural family’s portfolio of racetracks, casinos and sportsbooks, including the Meadowlands Racetrack in New Jersey, as well as Tioga Downs Casino Resort and Vernon Downs Casino Hotel in upstate New York.
Jane Gural-Senders will continue to serve as a principal of the company, alongside fellow family member Annyrose Pahl, principal and general counsel. David Kaye serves as executive managing director, with a focus on asset management and leasing, while Neith Stone leads the firm’s SoHo and NoHo portfolio. Kephra Stone, an associate, supports asset management and leasing initiatives.
Together, GFP Real Estate and GFP Development will continue working in close coordination as affiliated businesses.
“Launching GFP Development allows us to better define and focus our development platform as we continue pursuing increasingly sophisticated construction, redevelopment and adaptive reuse opportunities across the region,” Steinwurtzel said. “We have built tremendous momentum in this business over the last several years, and formalizing the platform gives our team a dedicated identity and sharper strategic focus as we continue to scale.”
