Opal buying Soho assemblage for $32M, plans condos

Developer also landed $23M loan from Madison Realty Capital

New York /
Jun.June 13, 2017 06:20 PM

Opal Holdings rescued a Soho development site out of bankruptcy and agreed to buy a neighboring townhouse. The firm is planning a seven-story, 37,278-square-foot condominium-and-retail development.

Opal is paying $31.6 million for the site at 182-188 Spring Street, according to Madison Realty Capital TRData LogoTINY, which provided a $23.3 million acquisition loan. The site happens to include the former home of Beastie Boy Adam Horovitz.

The previous owners of 182-186 Spring — Stéphane Boivin and Stéphane Bibeau’s Nordica Soho and Joel Schreiber’s Waterbridge Capital — first planned to build condos but ended up defaulting on $26 million in loans and filed for bankruptcy in June 2016. The site, which Opal bought in a bankruptcy auction, is partially razed. Meanwhile, Opal also went into contract to buy a four-story townhouse at 188 Spring Street.

The site has a long and tangled history, as The Real Deal reported. Nordica Soho paid Horovitz $5.5 million for his home at 186 Spring and dished out another $10.1 million for 182 Spring. A year later, the lender filed for foreclosure and, in 2013, Waterbridge bought a 49 percent stake. In their June 2016 bankruptcy filing, Nodica and Waterbridge argued the site was worth $38 million.

Opal, a real estate investment firm headed by Shaya and Shulamit Prager, last year picked up an East Village development site at 644-652 East 14th Street for $23 million. Madison backed that deal with a $52 million acquisition and construction loan.

(To view more commercial sales transactions in East Village, click here)


Related Articles

arrow_forward_ios
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
Hello Living's Eli Karp, Arch Companies' Jeff Simpson with 1580 Nostrand Avenue (Hello Living)
Eli Karp’s Hello Living yet again in danger of losing Flatbush project
Eli Karp’s Hello Living yet again in danger of losing Flatbush project
Quadrum Global CEO Oleg Pavlov and 29 Huron Street in Greenpoint (Quadrum Global, Morris Adjmi Architects, Getty)
UK developer lands $126M for Greenpoint luxury dev
UK developer lands $126M for Greenpoint luxury dev
Madison Realty Capital's  Zach Kadden with 364 Bay Street (LinkedIn, Loopnet)
Madison Realty Capital plans 100 small apartments, a NYC rarity
Madison Realty Capital plans 100 small apartments, a NYC rarity
World Wide Group's James Stanton, Suchman Group's Jeffrey Suchman and rendering of 66 Nowedonah Avenue in Water Mill NY (World Wide Group, Getty Images, The Water Mill Crossing)
JS Squared gets financing to build 38 Water Mill townhomes
JS Squared gets financing to build 38 Water Mill townhomes
Madison Realty Capital comes of age
Madison Realty Capital comes of age
Madison Realty Capital comes of age
PS 64 at 605 East 9th St and MRC’s Josh Zegen (Google Maps, LinkedIn)
East Village’s languishing PS 64 nears foreclosure
East Village’s languishing PS 64 nears foreclosure
Madison Realty Capital's Josh Zegen and 98-08 Queens Boulevard in Rego Park (Google Maps)
Rego Park apartment project lands $125M construction loan
Rego Park apartment project lands $125M construction loan
arrow_forward_ios

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

Loading...