Billionaire Greene Foraying Into Manhattan Market
Real estate entrepreneur and former Florida Senate candidate Jeff Greene, a newcomer to the New York City real estate arena, is reportedly building two Manhattan condominium projects.
The billionaire is planning a 75-unit, 140,000-square-foot condo project at 100 Vandam Street in the Hudson Square area; and the condo conversion of a six-story building at 576 Broome Street, The Real Deal reported.
The upper floors of the Vandam project will likely have one unit per floor, while the lower floors could have up to four units each, with asking rents between $2,000 and $3,000 per square foot, Mr. Greene said.
He purchased 92 and 100 Vandam for nearly $49 million late last year, city records show. The properties fall in the 50-acre area of the Hudson Square rezoning, which allows for more residential development, and the roughly 66,000 square feet of combined air rights on the properties make the 140,000-square-foot development possible.
As the time of purchase last year, 100 Vandam had one tenant, advertising and media firm RDA International, which occupied 13,000 square feet, but its lease will reportedly expire soon.
Mr. Greene paid $26.27 million in 2011 for the Broome Street property in 2011, according to TRD.
He is worth $2.3 billion.