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Proposed Ultra-Luxury Conversion in SoHo Scheduled for Auction

As first reported by Forbes, the proposed luxury residential conversion at 476 Broome Street (aka 62 Wooster Street) in SoHo is scheduled for auction on March 17th. It has a lien amount of $32,309,343.

476 Broome Street, New York
476 Broome Street, New York

According to the developer’s website, the luxury conversion would have had 2 penthouses, a total of 5 residential units, roof-top swimming pools and 4,000 square feet of retail space housing an art store and art gallery in the lobby. Besides this, the units would have featured “home theaters, gym, living room, great room, dining room and other relatively unavailable amenities”, according to the same source. Permits filed for the property reveal a proposed hotel conversion dating back to November 2006, which was however disapproved.

The SoHo property looks like it was bought in August 2006 for $27 million, and financed by a $27.25 million mortgage from BRT Realty Trust, the plaintiff in this foreclosure case.