The Real DealMay 24, 2012New York-based residential real estate firm Izaki Group Investments USA has taken control of a development at 15 Renwick Street in partnership with real estate investment firm Glacier Global Partners, it announced following a foreclosure auction on the Soho property yesterday, and has tapped residential brokerage Core to head sales at the property.
The partnership is planning a boutique condominium development on the site and plans to break ground this fall, Izaki said; Core will oversee sales at the property as well as another luxury condominium project at 93 Worth Street, which will feature the 90 apartments, six penthouses and 10,000 square feet of commercial space.
“It’s an exciting time in New York City for development,” said Eldad Blaustein, CEO of IGI USA, in a statement. “I believe in the state of the market and we are committed to delivering the highest quality product in this prime location.”
Shaun Osher, CEO of Core, called the site “one of the last remaining undeveloped lots in [the] neighborhood.”
It appears that Harch Group founder Harry Jeremias still maintains a financial interest in the success of the Renwick Street development. The 4,523-square-foot development site was previously approved for a 65,000-square-foot, 12-story luxury building with 44 condominium units under Jeremias, who, having faced a foreclosure lawsuit in 2010 from U.S. Bancorp for allegedly defaulting on a $55.3 million loan to develop a condominium on the site, partnered with Glacier to reposition the debt. The partnership purchased the non-performing loan from U.S. Bank at a discount last April but had to participate in the foreclosure auction in order gain clean title of the property.
A call to Jeremias’ attorney, Terrence Oved of Oved & Oved, was not returned by press time.
IGI declined to comment further on the specifics of the development, including the number of units, size of the units, or pricing. It did confirm however, that it will be opting to go with a new design for the property.
As previously reported, Glacier, a real estate investment firm, revived other projects stalled in the recession in the last year. It purchased the $40 million first mortgage on the stalled condo project Five Franklin Place in Tribeca last year and has plans to revive the project with partner Fishman Holdings, an Israeli private investment firm.