Owner flips Village property for $30M gain
BY DANIEL GEIGER
AUGUST 13, 2014 1:51 P.M.
A 12-story commercial building in the West Village that fell into foreclosure during the recession is back on track to being razed and replaced by high-priced apartments, this time courtesy of its new Dutch owner. Brack Capital Real Estate, a real estate investment and development firm based in the Netherlands, has purchased the property, 627 Greenwich St., for around $105 million.
The building and an adjacent parking lot at 111 Leroy St., had previously been owned by a developer named Peter Moore, who won approvals in 2008 to rezone the sites to allow for housing. According to reports at that time, Mr. Moore planned to build a 55-unit residential building, five townhouses, plus a six-story loft building. Twenty percent of that development’s housing would have been affordable and the project was also slated to include some commercial space and a small public park.
[…]
Brack Capital Real Estate is expected to revive plans to develop condos on the 627 Greenwich St. site. The West Village is looked at as one of the city’s hottest residential markets at a time when apartment prices have reached record highs, making 627 Greenwich St.'s redevelopment an attractive prospect.
