Billionaire Jeff Greene signs $19M loan modification with Goldman at delayed SoHo condo project

Florida billionaire Jeff Greene through the entity 62 Wooster, LLC as borrower signed a loan modification with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $19 million for the seven-unit residential elevator building (D7) at 62 Wooster Street also known as 476 Broome Street in SoHo, Manhattan.
The financing closed on July 26, 2024 and was recorded on August 6, 2024. The prior lender was Goldman Sachs which held debt that had an original loan amount of $19 million.
The property has 43,706 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $434 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Greene took title to the property on April 19, 2011, for $25.5 million. The signatory for Jeff Greene was Jeffrey B. Greene. The signatory for Goldman Sachs was Jason Kalmar. This is a mortgage modification of a $19 million loan originally given in 2011. The Real Deal reported in 2014 that billionaire Jeff Greene was working to convert the building into seven condo units.

Greene acquired the building at a foreclosure auction after buying the defaulted debt given to the prior owners. The condo plan was submitted in November 2014. The current total sellout is $129.3 million, including $101.88 million from the seven residential units and $27.4 million for the two retail units. No units were in contract according to documents from the developer that the state Attorney General’s office reviewed in March 2024. Crain’s reported in March that Greene was asking $35 million for the penthouse unit.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jeff Greene, head officer and Sara Morvay, officer. The business entities are Douglas Elliman Property Management and 62 Wooster, Llc.

The property

The residential elevator building with 7 residential units in SoHo has 43,706 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 7,499 square feet. The lot is irregular. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $24.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 15, 2015. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 62 WOOSTER LLC to create 7 residential units and 2 commercial units in a building at 62 Wooster Street in SoHo, Manhattan, called 62 Wooster Condominiums that has a $129.3 million sellout, according to an November 04, 2014 submission to the New York State Attorney General. The principal of the sponsor, 62 WOOSTER LLC, was Jeff Greene.

The block

On this tax block, PincusCo has identified the owners of nine of the 16 commercial properties representing 212,593 square feet of the 328,194 square feet. The largest owner is Albert Malekan, followed by Centurion Realty and then George Makkos.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 328,194 square feet of built space are office buildings, with elevator buildings next occupying 33 percent of the space.

Direct link to Acris document. link