A 12-story commercial building in the West Village that was addled by the foreclosure crises, is finally making way for luxury residential development. The property, located at 627 Greenwich Street, was recently purchased by Brack Capital Real Estate, a Dutch investment and development firm, for around $105 million.
The building, along with an adjacent parking lot at 111 Leroy Street, was owned by a developer named Peter Moore, who won approvals in 2008 to rezone the sites to allow for housing, according to Crain’s.
Moore had planned a 55-unit residential building, five townhouses, plus a six-story loft building at the site, but the project was put on indefinite hold during the recession.
The Royal Bank of Scotland held more than $100 million of debt against the properties and in April sold the real estate to Criterion Real Estate Capital at a discount.
The new deal with Brack Capital Real Estate nets Criterion Real Estate Capital a $30 million profit just four months after acquiring the property. [Crain’s] – Christopher Cameron