West Village Redevelopment Gains Financing

NEW YORK CITY-Non-recourse acquisition and development financing in the amount of $47 million closed for 627 Greenwich St. An undisclosed developer purchased the 107,000-sf loft building and adjacent parking lot with an eye on turning it into residential condominiums.

“The property’s classic loft structure and high ceilings are attributes that are rarely found in equivalent buildings in this location,” notes Howard Michaels, chairman of Carlton Advisory Services, which arranged the financing. “Rather, the building is more typical of those property types found in Tribeca and Soho than in the West Village, an area defined primarily by townhouses and pre-war apartment buildings.”

The developer plans to attempt to have the property rezoned for residential use, which could take upwards of 15 to 18 months. If that happens, the site will then be renovated and turned into residential condos with a total anticipated project cost of $75 million.