Lender Broadshore Capital takes title to Greenwich Village retail through $74.6M foreclosure

Note holder Broadshore Capital Partners through the entity O-SB 510 Sixth Owner, LLC acquired through a $74.6 million judicial foreclosure auction from Mosbacher Properties Group, the retail condo at 510 Sixth Avenue with an alternate address of 65 West 13th Street in Greenwich Village, Manhattan. The expected use is cash flowing. The judgment price is far higher than the current value, insiders said. The actual auction sale price was $100, indicating no one bid on the property and Broadshore won with a credit bid.

The total judgment as of January 8, 2025 was $74,566,554.
The deal closed on January 8, 2025 and was recorded on January 16, 2025. The property has 54,476 square feet of built space according to a PincusCo analysis of city data.
The signatory for the court representing the Mosbacher Properties Group , and loan guarantors Clinton Smullyan Jr., and Arlene Vogel, was referee Matthew D. Hunter III. The signatory for Broadshore Capital Partners was James R. Pomeranz . The contract date was January 8, 2025.

In March 2023, Broadshore Capital Partners bought the $49 million note from M&T Bank, then three months later filed a pre-foreclosure action against the owners of the 54,476-square-foot retail condominium unit at the base of the 77-unit Greenwich Condominium at 510 Sixth Avenue at the corner of 14th Street in Greenwich Village, Manhattan. Broadshore is a real estate investment firm based in Los Angeles and led by CEO Bradford Howe. The retail runs the entire block of Sixth Avenue from 13th Street to 14th Street, and wraps about 100 feet on 14th Street and 130 feet on 13th Street. The corner retail space formerly occupied by Urban Outfitters and has been vacant.

The lender filed the complaint July 18, 2023, in Manhattan State Supreme Court. LINK

The foreclosure auction was December 4, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Broadshore Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mosbacher Properties Group had not purchased any other properties and sold one property in one transaction for a total of $9.1 million over the same time period.

The property

The retail condo in Greenwich Village has 54,476 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 54,476 square feet. The city-designated market value for the property in 2022 is $31.6 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $49 million commercial foreclosure concerning a loan filed on July 18, 2023, by Broadshore Capital Partners against Mosbacher Properties Group, Clinton Smullyan, Jr., and Arline Vogel. In addition, according to city public data, the property has 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 the 7th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Greenwich Village has 2.4 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 2.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 260,482 square feet of the 699,870 square feet. The largest owner is CB Developers, followed by Legion Investment Group and then Amdar.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 699,870 square feet of built space are office buildings, with retail buildings next occupying 22 percent of the space.

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