NEW YORK CITY—Brack Capital Real Estate has closed on its $106 million purchase of 627 Greenwich St. Criterion Real Estate Capital sold the 106,400 square-foot, 12-story vacant building in the West Village after picking up the property this past April, reports Crain's New York Business.
"It is extremely rare to find a vacant building of this size in the West Village," says Issac Hera, CEO of Brack Capital Real Estate USA. "We are extraordinarily particular about the properties we invest in, considering not only their location, but also their development potential. Fundamentally, this building has great attributes, which lends itself to limitless opportunities."
Further, he tells GlobeSt.com, “While a majority of the West Village is located within a historic district, 627 Greenwich St. is located just outside of it. BCRE intention is to use this flexibility to introduce a superior product that will embrace and capitalize on the unique character and charm of the west village.
"Grandfathered at a height of 150 feet, the upper floors have fantastic 360 degree views that will remain unobstructed," he continues. "It is extremely unique to find a building in this area that can feature such views."
Having a vacant building, Hera explains, "gives BCRE the ultimate freedom the introduce any program, and bring to perfection any design. With its vast ceiling heights, 627 Greenwich provides a unique interior for any use which will eventually inhabit the space.”
According to Crain's, Brack plans to revive plans that were dashed during the recession to develop condominiums on the site. GlobeSt.com could not get this information confirmed by press time.
A previous owner won approvals in 2008 to rezone the building and an adjacent parking lot at 111 Leroy St, according to Crain's New York Business. That investor and developer planned to build a 55-unit residential building that would include five townhouses plus a six-story loft building. Affordable housing would have comprised 20% of the building's stock and the project was slated to include some commercial space and a small public park.
But during the recession, the property was foreclosed on by the Royal Bank of Scotland, which held more than $100 million of debt against the asset. Sources tell Crain's that the bank sold off the Leroy Street parking lot to the development firm Property Markets Group. Then in April, RBS allegedly sold 627 Greenwich St. to Criterion.
The building is located between Leroy and Morton streets and is close to dining, boutiques, various public transportation hubs and numerous outdoor spaces, including Hudson River Park, Washington Square Park and the High Line.
The deal was brokered solely by Eastdil Secured's Adam Spies, Doug Harmon and Daniel O'Brien, according to the Commercial Observer. Harmon did not respond to GlobeSt.com's request for comment.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
