Friedman-Roth Realty Arranges Sale Of West Village Development Site For $13.5M

The brokers Eric Lupo and Jim Mann of Friedman-Roth Realty successfully arranged the sale of a non-performing first mortgage for the development site located at 307-309 6th Avenue in the West Village, Manhattan. The purchasers acquired the property for a total price of $13,500,000, which includes approximately $600,000 in real estate tax arrears. The sale price of $9,800,000 was for the first mortgage, while the remaining amount accounted for the additional expenses. The purchasers also initiated a foreclosure action which was temporarily halted due to a bankruptcy filing by the second mortgagee. However, the bankruptcy court eventually discharged the case.

Summary of transaction details:

• Property Type: Development Site
• Sale Price: $13,500,000
• Building Square Footage (BSF): 32,000
• Price per Building Square Foot (PPBSF): $422
• Site Footage (SF): 9,950
• Price per Site Foot (PPSF): $1,357
• Address: 307-309 6th Avenue, West Village, Manhattan
• Market: West Village, Manhattan

The property is slated for an approximately 32,000 square feet mixed-use development. The transaction showcases the expertise of Eric Lupo and Jim Mann from Friedman-Roth Realty in facilitating the sale of a non-performing mortgage, overseeing the foreclosure action, and finalizing the deal.