By Roland Li
Extell Development Co. has sold an empty parcel of land in Soho to Tavros Capital Partners for $17 million, according to city records.
The Observer first reported the sale.
City records show that Extell gained ownership of the property, which was formerly multifamily homes at 180-186 Sixth Avenue, from Linda Salvati of Brooklyn. In February 2005. Extell paid $1.79 million and took out a mortgage, while also assuming an additional $7.3 million mortgage. The buildings were later demolished and the two mortgages were combined at the end of 2008 to form a single $8.9 million mortgage with Park National Bank.
Last April, Tavros launched a fund seeking $200 million to target “relatively small assets from distressed owners and lenders, according to Institutional Real Estate Newsline. The fund expected to a buying power of $600 million, with leverage.
However, Nicholas Silvers, CEO of Tavros Capital Partners USA, said the acquisition was part of the Tavros Development arm of the company, and was unrelated to the distressed asset fund. He declined to comment further on plans for development.
According to someone familiar with the 2,225 s/f lot, it has a maximum buildable density between 40,000 s/f and 50,000 s/f, zoned for residential usage.
George Arzt, an Extell spokesman, confirmed the sale and said Extell had previously planned to develop the site, but was compelled to sell by the high offer.
“The price was right,” he said.