Jeff Greene Purchases Distressed Property at 476 Broome Street for $26.27 Million

The real estate sector was at its peak with more and more prestigious and ambitious projects being planned when the banking sector collapse knocked the life out of the sector. One of the luxury condo conversions planned during the boom was located on 476 Broome Street with another address of 62 Wooster Street. The ambitious project had plans of making five units with an average size of 7,500 square feet with private swimming pool for each of the units on the rooftop. The units were aimed at the ultra luxe segment with a home theater and gym, living room, great room, and dining room.

The market crash sucked the finances out of the system and it wasn’t feasible to execute the grand plans. Last month, on the 17th of March the building was scheduled for a foreclosure auction with a lien of $32.3 million. But according to reports coming out of people on the know, indicate that billionaire Jeff Greene has purchased the building for $26.27 million. Greene is known for making his significant fortune betting against the subprime mortgages. He has now added the 62 Wooster Street building to his portfolio of distressed assets through his firm Florida Sunshine Investments, Inc.

The property was previously owned by Stillwater Capital and the Trinity Development was going to develop the project in their partnership. They have also lost their hold on another property on 523, Greenwich Street which went into foreclosure last year. BRT Realty Trust who had a $27.25 million mortgage on the property filed for foreclosure. Real Estate Weekly or the Property Shark in their reports have not indicated anything about Mr. Greene’s plans for the property he has acquired. His lawyer or other staff was not available for comment.

Via: rew-online

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