The Real Deal New York

Jeff Greene forges ahead with Soho condo conversion

Developer bought 62 Wooster for $26.3M in 2011

December 03, 2014 02:15PM
By E.B. Solomont

Jeff Greene and a rendering of 62 Wooster Street

Jeff Greene and a rendering of 62 Wooster Street

South Florida billionaire Jeff Greene is seeking approval for a seven-unit, nearly $110 million condo conversion in Soho.

Greene paid $26.27 million for 62 Wooster Street, also known as 476 Broome Street, in 2011. He’s now moving forward with a plan to convert the commercial building into seven high-end condos and two retail spaces, according to an offering plan filed November 2 with the Attorney General’s office.

The developer applied for permits last year to convert the building into a mixed-use property. At the time, plans called for adding nearly 10 feet to the 91-foot structure to accommodate a seventh floor. The initial plans included nine condos and a duplex penthouse. The project has since been modified to include seven units.

Greene, through JBS Project Management, declined to comment on plans for 62 Wooster.

In 2012, the prolific Florida developer bought two buildings on Vandam Street for a combined $49 million. He later put one of the parcels, located at 527 Greenwich Street, on the market for $150 million. Last month, he listed his Beverly Hills compound for $195 million.

Greene’s Florida Sunshine Investment bought 62 Wooster after prior developers Trinity Development Group and Stillwater Capital ran into financial trouble and their vision for high-end condos with private rooftop swimming pools fell apart.

Retail rents in the area, and in particular along Wooster Street, have heated up in recent months.

Luxury fashion retailer Celine, an LVMH brand, took 4,400 square feet at 67 Wooster, where asking rents were reportedly around $150 a foot. In July, real estate investment firm KUB Capital signed a contract to acquire 146-150 Wooster, a one-story property and adjacent parking lot, for $50 million. Prior owner MTM Associates paid $800,000 for the site in 1986.

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