Brack Capital Real Estate has bought 627 Greenwich Street, a 12-story commercial building in the heart of Manhattan’s West Village, for $106 million.
The seller, LG Acquisitions I, LLC., had bought the 106,400-s/f building, long set for a condo conversion, for $75 million from the Royal Bank of Scotland in April. The latest selling price means the building’s market value increased by 41 percent over a mere seven months.
“It is extremely rare to find a vacant building of this size in the West Village,” said 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.”
627 Greenwich Street is a 106,400 square-foot vacant building located between Leroy and Morton Streets. The building is situated in heart of the west village, in close proximity to world class dining, trendy boutiques, and numerous parks. It is a convenient location for exploring Hudson River Park, Washington Square Park, The High Line, the West Side Highway, various public transportation hubs and more.
BCRE is a worldwide real estate investment and development company active in large-scale international real estate investment, development, and M&A activities. The company’s New York projects include premier properties including citizenM Hotel at 218 West 50th St; The Indigo Hotel at 180 Orchard Street; 189 Bowery Street; 15 Union Square West; 90 West Street; the Element at 555 West 59th Street; The Olcott at 27 West 72nd Street; The Hilton Garden Inn at 63 West 35th Street; and The James New York hotel at 27 Grand Street.