Brack Capital plans $326M offering at stalled Village site

627 Greenwich will have just 29 residential units

New York /
Sep.September 22, 2015 10:30 AM

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.


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Extell president Gary Barnett, 510 East 14th Street and RXR Realty CEO Scott Rechler (Getty, EVGB)
Extell sells stake in Manhattan rentals to RXR Realty
Extell sells stake in Manhattan rentals to RXR Realty
A two floor unit in The Benson on Madison Ave was the priciest home to go into contract last week. (The Benson)
Best week since 2019 for Manhattan luxury market
Best week since 2019 for Manhattan luxury market
(iStock/Photo Illustration by Kevin Rebong for The Real Deal)
Signed contracts spike in Manhattan and Brooklyn in January
Signed contracts spike in Manhattan and Brooklyn in January
Meredith Bluhm-Wolf and 520 Park Ave. (Getty, 520 Park)
Daughter of casino magnate Neil Bluhm buys $20M condo
Daughter of casino magnate Neil Bluhm buys $20M condo
991 5th Avenue (Photos via Gryffindor/Wikipedia Commons and the American Irish Historical Society)
Historic UES mansion hits market for $52M
Historic UES mansion hits market for $52M
arrow_forward_ios

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

Loading...