ZG Capital pays $39.2M for office building in Greenwich Village
ZG Capital Partners through the entity 836 Broadway Partners LLC paid $39.2 million to Hyde Park Antiques through the entity 836 Broadway Associates for office building (O5) at 836 Broadway in Greenwich Village, Manhattan.
The deal closed on December 8, 2021 and was recorded on December 30, 2021.
The property has 56,827 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $690 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 Hyde Park Antiques was Bernard Karr. The signatory for ZG Capital Partners was Babak Zar.
The Real Deal Reports that this building used to house New York University which has since left the space.
Within a 400-foot radius of 836 Broadway, Pincusco identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, one was in new building development. It was a new building permit application filed on December 28, 2020 for a 30,000-square-foot R-2 building with 40 residential units at 815 Broadway.
Of those 13 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $807,200 and one initial temporary certificate of occupancy issuance for a project that initially costed $6.5 million. The most recent of these two items was the filing on November 17, 2021 for a 36,157-square-foot E building with no residential units at 821 Broadway.
Of those 13 items, two were sales above $5 million totaling $222.9 million. The most recent of the two was RAGHSA Real Estate which bought the 236,215-square-foot, six-unit mixed-use building (K2) on 842 Broadway for $211.4 million from Related Companies on November 24, 2020.
Of those 13 items, eight were loans above $5 million totaling $336.2 million. The most recent of the eight was Related Companies which borrowed $75 million from Wells Fargo secured by the 236,215-square-foot, six-unit mixed-use building (K2) on 842 Broadway on October 1, 2021.
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