June 15, 2017
A $23.3 million loan came just in time to help a developer assemble a prime site in Manhattan’s Soho neighborhood, where it plans to build about 37,000 square feet of new condominium apartments over retail space.
The parcel include a set of properties bought in a bankruptcy auction: 182-186 Spring St. At the same time, the buyer bought the townhouse next door at 188 Spring St., including air rights.
“We completed a time-sensitive financing transaction to facilitate a complex acquisition that combined a bankruptcy auction purchase with a non-distressed acquisition to create an irreplaceable assemblage,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital (MRC), which provided the financing.
The total consideration for the acquisitions is $31.6 million. The neighborhood has little to no developable land, very limited condo inventory and few new retail boxes. The site is within the Sullivan-Thompson Historic District (pictured), so any changes must be approved by city historic officials.
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