New York
The shopping district that banned retail: Soho’s incoherent zoning
Trending
Oaktree Capital buys Soho retail condo for $34M
Already a lender on the project, Oaktree has now taken over two Soho condos from Meadow Partners and 60 Guilders
Oaktree Capital Management is planting a new seed in Soho.
The global investment manager has bought a retail condo at 90 Greene Street for $33.6 million, public records show. The seller, real estate investment firm Meadow Partners, has a tangled history with the property. In 2017, 60 Guilders bought the condo for $28 million through 121 Spring Retail Owner, an ownership LLC. The same LLC appears in the recent sale documents, registered this time to Meadow Partners.
Even in 2018, when the ownership LLC was listed to Meadow Partners, 60 Guilders co-founder Bastien Broda signed for the LLC.
Meadow and 60 Guilders previously worked together on a deal for a separate Soho condo. In September, the two firms sold another Soho condo to Oaktree, which was also their lender on that building.
Oaktree has been involved with the property for some time. In November 2018, the firm took over the initial $35.2 million loan from Colony Capital and issued an additional $2.6 million of debt, public records show. On Sept. 3, it assigned the mortgage to CitiBank with an outstanding principal of $37.8 million. As part of the assignment and consolidation agreement, the note was increased to $54 million.
Read more
The shopping district that banned retail: Soho’s incoherent zoning
New York
Valuation of Thor Equities’ 470 Broadway slashed
Though 90 Greene Street is in one of Manhattan’s priciest zip codes, the acquisition is just a drop in Oaktree’s bucket. The global asset manager’s real estate portfolio includes over $13.9 billion in assets under management.
60 Guilders and Oaktree declined to comment. Meadow Partners did not return a request for comment.