Third Soho retail property transferred to lender in five months, this from Meadow to Oaktree

By Varvara Budetti

Oaktree Capital Management, which refinanced Meadow Partner’s and 60 Guilder’s retail condo at 121 Spring Street with a $37.8 million loan in November 2018, is the building’s new owner, according to transfers recorded today in city property records. Meadow transferred the property to Oaktree is a deal finalized September 3 but recorded today. The transfer was valued at $33.7 million, but the property had $37.8 million in debt. That loan, following Oaktree’s takeover, was assumed by Citibank with the same value, $37.8 million. The property has an alternate address of 90 Greene Street.

This makes it the third Soho co-op or condo unit to be transferred to the owner’s lender in that past five months.

In September, Meadow Partners, in another joint venture with 60 Guilders, lost a retail co-op at 119 Spring Street to Oaktree. That followed the Paceline Equity Partners $23.9 million acquisition of 106 Spring Street through a UCC foreclosure auction acquiring control from SL Green Realty.

Meadow Partners could not immediately be reached for comment.

Meadow Partners and 60 Guilders refinanced 121 Spring Street in 2018 with a $37.8 million loan from Oaktree Capital after originally buying the property for $28 million in 2017.

The 121 Spring Street property has 3,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $10,515 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.)

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $325,000.

There were five renovation/alteration projects (A2) applied for with a total estimated value of $1.2 million. One of the projects were to change the building from a RES to a R-2.

Within a 400-foot radius of 90 Greene Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.5 million. The most recent of these two items was the filing on May 21, 2021 for a 10,521-square-foot R-2 building with five residential units at 147 Spring Street.

Four of the items were sales above $5 million totaling $503.8 million. The most recent of the four was Oaktree Capital Management which bought the 10,875-square-foot, five-unit co-op (D0) on 119 Spring Street for $22.4 million from Meadow Partners and 60 Guilders on September 20, 2021.
One of those seven items was a loan which Zar Property NY borrowed $35.0 million from Ocean First Bank Na secured by four condo units in the 31,207-square-foot, 16-unit mixed-use building (RM) on 105 Wooster Street on March 31, 2021.

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