Owner of 120 Wooster Street Consolidates Previous Financing
New York developer Richard Talmadge of Eiger Development Corp. restructured existing debt on his six-story office building at 120 Wooster Street in Soho in a $30 million deal with Bank of New York Mellon, city records show.
J.P. Morgan Chase provided a $17.1 million loan to refinance the 52,526-square-foot prewar building in 2011.
The new loan is a “consolidation, extension and modification agreement” that will combine previous mortgages into a single lien in the amount of $30 million, the loan documents state.
The office property, located between Prince and Spring Streets in a designated historic district, was completed in 1900
Mr. Talmadge took over the building when he bought a $2.5 million mortgage on the building from Yorkville Federal Savings & Loan Association in 1986, according to city records.
When Mr. Talmadge acquired the property, two artists occupied roughly 9,000 square feet of the building. The artists were protected under the city’s loft laws, and the developer had to work his renovation around them, The New York Times reported in 1987.
Current office tenants in the building include Eiger Development and the employment agency 24 Seven. RKF is marketing ground-floor retail space in the building.
Representatives for Mr. Talmadge and Bank of New York Mellon did not return requests for comment.