Brack Capital Closes on WV Building for $106M
By Lauren Elkies Schram November 11, 2014 4:01 pm
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Netherlands-based development and investment group Brack Capital Real Estate yesterday closed on the $106 million acquisition of a 12-story commercial building in the West Village from investment firm Criterion Real Estate Capital, Commercial Observer has learned.
The building at 627 Greenwich Street between Leroy and Morton Streets is 106,400 square feet and is vacant.
“It is extremely rare to find a vacant building of this size in the West Village,” said Issac Hera, chief executive officer of Brack Capital Real Estate USA, in a prepared statement. “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.”
While Crain’s New York Business reported in August that the building will be demolished and replaced with pricey apartments, Brack’s plans are currently up in the air, a spokeswoman said.
Criterion, an investment firm based in New York, bought the property in March for $75 million, property records indicate.
Criterion didn’t immediately respond to a request for comment.
Adam Spies, Doug Harmon and Daniel O’Brien, all of Eastdil Secured, were the lone brokers in the deal.
