The Real Deal New York

Greenwich Village condo site trades for $75M

Property landed on foreclosure block in 2012

April 22, 2014 01:37PM
By Hiten Samtani

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627 Greenwich Street (Credit: PropertyShark)

627 Greenwich Street (Credit: PropertyShark)

A 124,000-square-foot Greenwich Village building that was set for a condominium conversion — but later hit the foreclosure auction block — has traded hands for $75 million, according to property records filed with the city yesterday.

The 13-story, 38-unit building is located at 627 Greenwich Street, between Morton and Leroy streets. The seller is the Royal Bank of Scotland, which took over as the property’s mortgage-holder in 2009. The buyer was listed as LG Acquisitions I, LLC.

The property went up for auction in April 2012. At the time, an investor group led by Peter Moore Associates and KMG Partners owed $108.43 million on a building loan mortgage and a project loan mortgage for the property. Moore and KMG paid $37.38 million for the site in 2005, according to city records. The two initially proposed building a 540-unit residential condo complex on the property and on an adjacent parking lot. But the pair failed to secure the necessary zoning variance, and decided to build a project with 55 condos, five townhouses and a six-story loft building instead. Following the financial crisis in 2008, the plan failed to take off.

Representatives for RBS were unavailable for comment. The average price per square foot for condo sales in Greenwich Village in 2013 and 2014 was $1,724, according to CityRealty.

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