Blue Light Capital pays $61.2M for three Greenwich Village retail condos in foreclosure

Blue Light Capital through the entity BL East 8th Street LLC paid $61.2 million through a judicial foreclosure for three retail condominium units at 60 East 9th Street, 21 University Place and 40 East 9th Street in Greenwich Village, Manhattan. The expected use is cash flowing. The former owner was an entity in care of Rose Associates, which lost the properties in the foreclosure action, 850412/2025, that Voya Financial brought in 2025 alleging a $60 million loan was in default. At the time, a spokesperson for Rose Associates said in an email, “Rose Associates doesn’t own that property and is not a party to the loan foreclosure.”
The deal closed on June 17, 2026 and was recorded on June 25, 2026. The three properties have 115,476 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $529 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.)
The signatory for Blue Light Capital , which includes Greg Manocherian as an investor, was Scott Solomon . Scott Solomon works with several affiliates of the Manocherian family, including Pan Am Equities and Greg Manocherian’s RoeCo LLC.

Voya Financial assigned its interest in the foreclosure to Blue Light Capital on May 29, court records show.

The document transfer amount was just $13,837.2, but the taxed amount was $61 million.

Blue Light Capital financed the acquisition with a $47.2 million loan from Voya Financial.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Blue Light Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rose Associates had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Greenwich Village has 115,476 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 48,756 square feet. The city-designated market value for the property in 2022 is $32.1 million.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $60 million commercial foreclosure concerning a loan filed on September 17, 2025, by Voya Financial against Rose Associates. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.5 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 604,434 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were 130 pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The seller

The PincusCo database currently indicates that Rose Associates owned at least 17 commercial properties with 2,477 residential units in New York City with 3,345,050 square feet and a PincusCo-determined asset value of $2 billion. The portfolio has $878 million in debt, with top three lenders as Goldman Sachs, NYS Housing Finance Agency, and NYS Housing Finance Agency respectively. Within the portfolio, the bulk, or 59 percent of the 3,345,050 square feet of built space are elevator properties, with condo properties next occupying 40 percent of the space.

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