Greenwich Village condo site trades for $75M

Property landed on foreclosure block in 2012

TRD New York /
Apr.April 22, 2014 01:37 PM

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.


Related Articles

arrow_forward_ios
TriArch Real Estate Group founder Chris DeAngelis and Pebb Capital principal James Jago

Student housing property near NYU trades for $104M

Student housing property near NYU trades for $104M
Tamara Mellon and her former home at 155 West 11th Street (Credit: Getty Images)

Jimmy Choo co-founder Tamara Mellon sells condo for $19M

Jimmy Choo co-founder Tamara Mellon sells condo for $19M
297 West 12th Street and Steve Croman (Credit: Google Maps and Getty Images)

Croman backed out of deal over rent-control concerns: lawsuit

Croman backed out of deal over rent-control concerns: lawsuit
Steve Croman and 566 Hudson Street (Credit: Google Maps, iStock)

Steve Croman sued over illegally deregulating apartments

Steve Croman sued over illegally deregulating apartments
184-188 West 10th Street (Credit: Google Maps)

Here’s what the $10M-$20M NYC investment sales market looked like last week

Here’s what the $10M-$20M NYC investment sales market looked like last week
These are some of the most notable resi sales of the week

These are some of the most notable resi sales of the week

These are some of the most notable resi sales of the week
Charity doesn’t come cheap: Former Bear Stearns exec relists townhouse for $60M

Charity doesn’t come cheap: Former Bear Stearns exec relists townhouse for $60M

Charity doesn’t come cheap: Former Bear Stearns exec relists townhouse for $60M
Historic Greenwich Village theater Quad Cinema could face eviction

Historic Greenwich Village theater Quad Cinema could face eviction

Historic Greenwich Village theater Quad Cinema could face eviction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...