Magic Johnson-backed developer files for bankruptcy

TRD Staff

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<caption style="text-align: left;" align="bottom"><font color="#999999" size="1">&nbsp;Magic Johnson was an investor in the Viridian</font></caption>
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<p>Brooklyn real estate<br />
developer 110 Green Street Development, whose investors include<br />
basketball star Magic Johnson, has filed for bankruptcy. The developer was in the process of converting units at its 130-unit condominium, <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/110-Green-Street-Brooklyn-NY-11222/3025220016-0" target="_blank" data-address="110%20Green%20Street%2C%20Brooklyn" data-label="%3Ca%20href%3D%22http%3A%2F%2Fny.therealdeal.com%2Farticles%2Flooking-for-magic-in-greenpoint-TueJun2416022504002008%22%3Ethe%20Viridian%20at%20110%20Green%20Street%3C%2Fa%3E" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F110-Green-Street-Brooklyn-NY-11222%2F3025220016-0" data-bbl="3025220016" data-blockValue="02522" data-lotValue="0016" data-zipcode="11222" data-bldgArea="173%2C476" data-bldgDepth="200" data-bldgFront="362" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="42%2C454" data-lotFront="362" data-lotDepth="200" data-retailArea="0" data-resArea="173%2C476" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D1" data-primaryZoning="M1-2%2FR6A" data-commercialOverlay="" data-far="3" data-buildable="127%2C362" data-airRights="-46%2C274" data-propertyNeighborhood="Greenpoint" data-latitude="40.7333278884365" data-longitude="-73.9564751141398" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F110-Green-Street-Brooklyn-NY-11222%5C%2F3025220016-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F110-Green-Street-Brooklyn-NY-11222%5C%2F3025220016-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%7B%22url%22%3A%22http%3A%5C%2F%5C%2Fny.therealdeal.com%5C%2Farticles%5C%2Flooking-for-magic-in-greenpoint-TueJun2416022504002008%22%2C%22urlLabel%22%3A%22the%20Viridian%20at%20110%20Green%20Street%22%7D%5D" rel="noopener"><a href="http://ny.therealdeal.com/articles/looking-for-magic-in-greenpoint-TueJun2416022504002008">the Viridian at 110 Green Street</a></a>, into rentals. The developer<br />
has two loans on the property: one senior loan for $36 million and a<br />
mezzanine loan for $12 million.</p>


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Magic Johnson-backed developer files for bankruptcy

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