The 12-story commercial building at 627 Greenwich Street on the southeast corner of Morton Street will be converted to 40 condominium apartments by PMA Associates and KMG Partners.
The light-beige brick, 107,000-square-foot building has been known as the Benjamin & William Hort Graphics Center. It is has a 5-step-up entrance. The property features a four-story penthouse and sweeping Hudson River views from the upper floors.
It is surrounded by other industrial buildings but is one block east of Morton Square, two blocks east of the Hudson River Park, and two blocks south of St. Luke's School.
It was purchased in February with a $47 million non-recourse acquisition and development financing arranged by Carlton Advisory Services.CapitalSource Finance LLC has provided a four-phase $57,250,000 senior mortgage loan to the investor group controlled by PMA Associates for the acquisition and residential conversion financing of 627 Greenwich Street and adjacent surface parking lot on which a third-party operator has a long-term lease.
According to a press release from CapitalSource, prior to the acquisition closing a master lease on the property was terminated and it is anticipated that subtenants will vacate by the end of this year.
The light-beige brick, 107,000-square-foot building has been known as the Benjamin & William Hort Graphics Center. It is has a 5-step-up entrance. The property features a four-story penthouse and sweeping Hudson River views from the upper floors.
It is surrounded by other industrial buildings but is one block east of Morton Square, two blocks east of the Hudson River Park, and two blocks south of St. Luke's School.
It was purchased in February with a $47 million non-recourse acquisition and development financing arranged by Carlton Advisory Services.CapitalSource Finance LLC has provided a four-phase $57,250,000 senior mortgage loan to the investor group controlled by PMA Associates for the acquisition and residential conversion financing of 627 Greenwich Street and adjacent surface parking lot on which a third-party operator has a long-term lease.
According to a press release from CapitalSource, prior to the acquisition closing a master lease on the property was terminated and it is anticipated that subtenants will vacate by the end of this year.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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