By Konrad Putzier
The 124,000-s/f building 627 Greenwich Street was sold for $75 million, public property records show. It wasn’t immediately clear who bought the Greenwich Village property, but it appears investment firm Criterion Real Estate Capital was involved in the purchase.
Criterion’s CEO Chuck Rosenzweig signed the deed as an “authorized representative”, and the official buyer LC Acquisitions I, LLC is listed under the same address as Criterion. Rosenzweig couldn’t immediately be reached for comment.
The building was sold by the Royal Bank of Scotland (RBS).
Peter Moore Associates and KMG Partners had bought the 13-story, 38-unit building for $37.38 million in 2005, with plans to turn it into a condominium. But the developers ran out of money during the financial crisis and the project never got off the ground.
RBS, which held the mortgage on the building, took over the property following a foreclosure auction in April 2012.
It is possible that the buyers will resurrect plans to turn the run-down building into a luxury condo. Greenwich Village has seen a number of high-profile condo developments in recent years, including Belvedere Capital’s and Angelo Gordon’s Printing House at 421 Hudson Street and Broad Street Development’s 215 Sullivan Street.
The doubling of the property’s sales price since 2005 has a lot to do with the growing desirability of Greenwich Village. Between 2005 and 2013, the average price per s/f for Greenwich Village condos rose from $1,218 to $1,783, according to a recent report by Miller Samuel for Douglas Elliman.
Criterion Capital has financed a number of acquisitions in Manhattan. It recently teamed with Wells Fargo to package a $525 million acquisition loan for The Witkoff Group’s purchase of the Helmsley Park Lane Hotel in Midtown.