The Real Deal New York

Brack Capital plans $326M offering at stalled Village site

627 Greenwich will have just 29 residential units

September 22, 2015 10:30AM
By E.B. Solomont


From left: Isaac Hera and 627 Greenwich

A Greenwich Village condo conversion that stalled during the recession is coming back to life as a collection of 29 luxury residences.

90 Morton Street, also known as 627 Greenwich Street, will be offered for just over $326 million, according to a summary of a condo offering plan filed with the New York Attorney General’s office. In addition to apartments, the building will house three commercial units.

Isaac Hera’s Brack Capital Real Estate, a Dutch investment and development firm, paid $105 million for the property in late 2014.

But plans for converting the 124,000-square-foot building go back at least 10 years, when architect and developer Peter Moore, along with KMG Partners, paid $37.8 million for the site. In 2008, Moore got approval to rezone 627 Greenwich and an adjacent site for residential use, although plans stalled during the financial crisis.

The property hit the auction block in 2012 but the mortgage lender, The Royal Bank of Scotland, didn’t sell the property until 2014. Criterion Real Estate picked up the site for $75 million in mid-2014 and held the property for less than six months before selling it to Brack at a significant markup.

Now, the developer is accelerating plans at the site, which has been under construction on and off over the years. This spring, Brack filed plans to convert the building into a mixed-use property with more than 108,000 square feet of residential space and just over 9,200 square feet of commercial.

Brack did not immediately return calls seeking comment.

The median price for condos in Greenwich Village is $5.775 million and $2,768 per square foot, according to brokerage CityRealty.