{"id":1004107400,"date":"2014-11-13T07:37:10","date_gmt":"2014-11-13T15:37:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004107400"},"modified":"2022-12-08T18:05:33","modified_gmt":"2022-12-09T02:05:33","slug":"bcre-acquires-627-greenwich-st-in-manhattan-for-106m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\/","title":{"rendered":"BCRE Acquires 627 Greenwich St. in Manhattan for $106M"},"content":{"rendered":"<p><i>By Gail Kalinoski, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004107402\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\/627_greenwich_street-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg\" data-orig-size=\"864,577\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;18&quot;,&quot;credit&quot;:&quot;Adam Macchia&quot;,&quot;camera&quot;:&quot;NIKON D800&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1398090047&quot;,&quot;copyright&quot;:&quot;Adam Macchia&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.0125&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"627_Greenwich_Street (1)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg?w=864\" class=\"alignright size-medium wp-image-1004107402\" alt=\"627_Greenwich_Street (1)\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg 864w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg?resize=768,513 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/i><\/p>\n<p>Brack Capital Real Estate, a global real estate investment and development company based in the Netherlands, has closed on its $106 million purchase of a vacant, 12-story commercial building at 627 Greenwich St. in Manhattan\u2019s West Village.<\/p>\n<p>The 106,400-square-foot building is located between Leroy and Morton streets in the trendy Lower Manhattan neighborhood.<\/p>\n<p>\u201cIt is extremely rare to find a vacant building of this size in the West Village,\u201d Issac Hera, CEO of Brack Capital Real Estate USA, said in a release. \u201cWe are extraordinarily particular about the properties we invest in, considering not only their location, but also their development potential. Fundamentally, this building has great attributes, which lends itself to limitless opportunities.\u201d<\/p>\n<p>BCRE bought the property from Criterion Real Estate, which had acquired the building in a foreclosure from the Royal Bank of Scotland, according to Crain\u2019s New York Business. Crain\u2019s reported Criterion quickly flipped the property, netting about $30 million in profit.<\/p>\n<p>Plans for the building date back to 2008 when a developer had won approvals to rezone the site for housing and was going to put a combination of rental apartments, townhouses and lofts there. The mixed-use project was also going to feature a small public park and commercial space, according to Crain&#8217;s.<\/p>\n<p>While plans for the property have not been finalized, Hera told <i>Commercial Property Executive<\/i>, the company does not plan to demolish the building.<\/p>\n<p>\u201cHaving a vacant building gives BCRE the ultimate freedom to introduce any program and bring perfection to any design,\u201d Hera said.<\/p>\n<p>Hera noted that the majority of the West Village is located within an historic district but 627 Greenwich St. is just outside the historic district.<\/p>\n<p>\u201cBCRE\u2019s intention is to use this flexibility to introduce a superior product that will embrace and capitalize on the unique character and charm of the West Village,\u201d he said.<\/p>\n<p>The property, which is grandfathered in at a height of 150 feet, has \u201cfantastic 360 degree views that will remain unobstructed. It is extremely unique to find a building in this area that can feature such views,\u201d Hera added.<\/p>\n<p>Whether BCRE chooses rental or condos or a combination, the residential market in Lower Manhattan is hot, according to The Alliance of Downtown New York Lower Manhattan Real Estate Market Overview for Q3 2014.<\/p>\n<p>\u201cThe market for rental apartments in Lower Manhattan remains strong. Median rents are up 6.9 percent year over year at $3,630, well outpacing the Manhattan-wide median rent growth of 3.8 percent over the same period,\u201d according to the report. \u201cRent increases reflect a very tight market, which has just 1.25 percent vacancy.\u201d<\/p>\n<p>The report noted that residential sales were also outpacing last year, with a year-to-year sales price increase of 9 percent for an average $1,213 per square foot.<\/p>\n<p>If BCRE builds a luxury development, it will command prices higher than the median averages noted in the report.<\/p>\n<p>BCRE has offices around the world and is active in large-scale international real estate investment, development and M&amp;A activities and has taken the lead in more than 40 million square feet of office, retail and residential projects, including many in Manhattan<a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/mid-atlantic\/bcre-trades-the-james-hotel-for-85m\/1004072153.html\">. Last year, BCRE sold The James Hotel, a luxury hotel in Manhattan\u2019s SOHO neighborhood, for approximately $85 million.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brack Capital Real Estate has closed on its $106 million purchase of a vacant, 12-story commercial building at 627 Greenwich St. in Manhattan\u2019s West Village.<\/p>\n","protected":false},"author":1068,"featured_media":1004107402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10],"tags":[],"class_list":["post-1004107400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BCRE Acquires 627 Greenwich St. in Manhattan for $106M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BCRE Acquires 627 Greenwich St. in Manhattan for $106M\" \/>\n<meta property=\"og:description\" content=\"Brack Capital Real Estate has closed on its $106 million purchase of a vacant, 12-story commercial building at 627 Greenwich St. in Manhattan\u2019s West Village.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-11-13T15:37:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:05:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/627_Greenwich_Street-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"577\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"BCRE Acquires 627 Greenwich St. in Manhattan for $106M\",\"datePublished\":\"2014-11-13T15:37:10+00:00\",\"dateModified\":\"2022-12-09T02:05:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\\\/\"},\"wordCount\":540,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/627_Greenwich_Street-1.jpg\",\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bcre-acquires-627-greenwich-st-in-manhattan-for-106m\\\/\",\"name\":\"BCRE Acquires 627 Greenwich St. in Manhattan for $106M - 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