The Real Deal New York

Tribeca mixed-use building scheduled to hit foreclosure auction block

358 Broadway has a lien amount of $26.8 million

January 09, 2012 06:00PM
By Katherine Clarke

358 Broadway

A 48,180-square-foot mixed-use building at 358 Broadway and Franklin Street in Tribeca will hit the foreclosure auction block Feb. 1, according to data from PropertyShark.com, with a lien amount of $26.8 million.

The 12-unit five-story building, which has 27,300 square feet of residential space and 12,285 square feet of retail, sits on a 9,555-square-foot lot and is zoned for a wide range of high-bulk commercial uses. United Central Bank is the lender listed on the foreclosure filing.

According to a 2008 approved Department of Buildings permit, the owner, W Developers, had at one time planned to build an 18-story apartment building with 56 units on the site, which has an alternative address of 59 Franklin Street. The plans however, never came to fruition.

W Developers is the same company responsible for, the 18-story Tribeca condo at 50 Franklin Street by architect Ed Rawlings, which debuted in 2009 and had trouble finding buyers. The 72-unit luxury condo has recorded 50 sales since its fall 2008 launch at an average of $1,076 per square foot, according to Streeteasy.com. W Developers also built an 88-unit building at 75 Clinton Street in Brooklyn Heights and a 10-unit project at 72 Steuben Street in Clinton Hill.

W’s President, Marshall Weisman, a Lakewood, N.J., resident, is associated with several development companies and seems to have found himself in murky financial waters of late. An interest in his luxury Thread condominium in Union City, N.J. was also sold off by lenders last month, according to news reports. Weisman took out a $40.5 million loan on the property in June 2007 and failed to pay it back when the housing market took a turn for the worse.

Weisman, who could not be reached for comment, purchased 358 Broadway in 2007. The purchase price was not immediately clear.

 

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