Bridge Investment acquires West Village retail in deed-in-lieu valued at $18M

Bridge Investment Group through the entity BDS II NY Downing Court LLC acquired from Shimshon Klugman through the entity Quality Capital USA Retail LLC a retail condominium (OT) at 63 Downing Street in West Village, Manhattan, in a deed-in-lieu transfer valued at $18.1 million.
The deal closed on June 17, 2021 and was recorded on June 29, 2021.
The property has 11,398 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,585 per the PincusCo analysis.
The owner bought the property on 13-Feb-15, for $11.3 million.
The signatory for Shimshon Klugman was Shimshon Klugman.

This is a deed in lieu of foreclosure. Bridge Investment Group was the former lender.
Within a 400-foot radius of 63 Downing Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit applications filed on May 6, 2021 for the $1.5 million renovation of 14,396-square-foot R-2 building with 10 residential units at 51 Downing Street.
One of those two items was a loan which Benchmark Real Estate Group borrowed $13.1 million from New York Community Bank secured by the 17,556-square-foot, 35-unit rental (C7) on 35 Bedford Street on June 7, 2021.

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