The Real Deal New York

Lloyd Goldman picks up foreclosed Soho conversion site

June 15, 2011 01:13PM

Lloyd Goldman’s BLDG Management and Tavros Capital have teamed up to purchase the foreclosed condominium conversion site at 448-452 Broome Street, in the Soho Cast Iron Historic District, for $17 million. According to Eastern Consolidated, which brokered the sale, the two, mixed-use buildings were unloaded by Spanish lender Caixanova, which was “keen to dispose of [them] because a new era of regulatory scrutiny had been instituted in Spain.” Caixanova had seized the two loft properties, which contain a total of 12 rent-stabilized residential units and two commercial spaces, in 2009 from their original developers, who had picked them up for $23 million three years earlier. “The recession literally took the wind out of [their] sails,” said David Schectman, a principal at Eastern, who worked on the deal with colleagues Azita Aghravi, Marion Jones and Brian Ezratty. “They defaulted on their loan; the buildings languished.” Caixanova originally listed the site for $35 million in 2009. The deal comes with 1,000 square feet of air rights at the five-story 448 Broome, currently the shorter of the two buildings. TRD

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